The Philippine economy expanded by 7.3 percent year-on-year in the first quarter of 2010, the fastest pace of growth in more than nine years, the government said on Thursday.
The economy expanded by 3.0 percent compared on a quarterly basis, according to the National Statistical Coordination Board.
Board chief Romulo Birola said the year-on-year growth was the best performance since the final quarter of 2000, although he did not immediately give the comparative figure.
“This is a glorious ending for the Arroyo administration and a good beginning for the incoming Aquino administration,” Birola told reporters.
President Gloria Arroyo is due to step down on June 30 after more than nine years in power. She will be replaced by Benigno Aquino, who won national elections in a landslide this month.
Birola said a strong performance from the manufacturing sector, increased remittances from the millions of Filipinos working abroad and higher government spending were factors behind the big GDP numbers for the first quarter.
Economic Planning Secretary Augusto Santos said at the same briefing the government was now expecting to raise its economic growth target for the year from 2.6-3.6 percent.
He did not say what the new target would be.