Philippine gov't hopes for more good economic news in 2013

MANILA, Jan. 5 (Xinhua) -- The Philippine government expressed hope Saturday that the country's economy will continue to improve this year following a good start in 2013 as shown by the record high stock market and low inflation.

Deputy presidential spokesperson Abigail Valte, in an interview over a state-run radio station, lauded the performance of the Philippine Stock Exchange index (PSEi), which extended its rally for the third day on Friday.

"Hopefully, they're set to breach the 6,000 mark," she said, noting that on Friday it closed at 5,971.45, gaining 37.40 points or 0.6 percent.

She cited that even the inflation rate, which averaged at 3.2 percent last year, was well within the government's full year target of 3 percent to 5 percent.

"So hopefully, yes, we will get more good news on the economic front as we have been getting in the past year," Valte said.

According to the latest data issued by Philippine government last November, the Philippine economy grew 6.5 percent in the first three quarters of last year, surpassing the 2012 growth target of 5 percent to 6 percent. The government has yet to release the economic performance for the whole 2012.

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