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Manila's Q3 GDP growth seen at 5pc
10/24/2005
MANILA, Oct 23 (Reuters): Philippine President Gloria Macapagal Arroyo said the economy probably expanded 5 per cent in the third quarter from a year earlier despite a political challenge from various groups calling on her to step down.
But the figure was lower than the economic planning agency's estimate more than a week ago for third-quarter growth of 5.2 to 5.7 per cent, up from 4.8 per cent growth in the June quarter. The projected improvement is attributed largely to a recovery in agriculture.
The Philippines, which is expected to announce official third-quarter gross domestic product figures in late November, has set a full-year growth target of 5.3 to 6.3 per cent from a revised 5.7 per cent growth in 2004.
Arroyo has been embroiled in a crisis since early June, with some of her key allies and cabinet members deserting her, over opposition claims that she cheated her way to victory in the 2004 election and over alleged corruption by her family.
She survived an impeachment attempt by her political opponents last month, but various groups continue to call on her to resign, amplified through regular street protests in the capital Manila.
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