The International Monetary Fund (IMF) has raised its 2014 economic growth forecast for the Philippines to 6.3 percent, up from its previous estimate of 6 percent.

IMF representative in the Philippines Shanaka Jayanath Peiris said at a recent press conference that the country’s reconstruction work following typhoon Haiyan will have a positive effect on its economy.

The improved outlook for advanced economies like the US will also bolster the Philippines’ exports, he added.

According to Peiris, the country’s inflation will be around 4.4 percent due to the price increase of food and energy.

Philippine Budget Secretary Florencio Abad said that the nation will spend about 8 billion USD on reconstruction work over three years to repair the damage caused by the typhoon, which hit the country on November 8, 2013, killing at least 5,235 people, leaving 2 million homeless and affecting 9 million others in 9,000 villages in 44 provinces in the country.-VNA