The Philippines’ economy registered a 6.6 percent growth in 2012, higher than the set target of between 5-6 percent and a big jump from the 3.9 percent seen in 2011.

The country’s statistics office said on January 31 that the strong growth was induced by robust development of the services sector, good consumption and high government spending.

The service sector registered a year-on-year increase of 7.4 percent in 2012 and made up 3.8 percent in the country’s GDP. Consumption spending increased by 6.1 percent while government spending surged 11.8 percent.

Socio-economic Planning Secretary Arsenio Balisacan said the country will try to maintain a growth of six to seven percent in 2013.

He, however, warned of risks created from domestic and international impacts that the Southeast Asian country may face in 2013 such as a shortage of energy and possible appreciation of the peso which may harm its exports.-VNA