The Philippines overtook Vietnam and Malaysia to become Southeast Asia’s fastest-growing economy last year, with expansion driven by consumption, services and investment.
Gross domestic product expanded 5.6 per cent, surpassing the median 5.5 per cent growth seen in a survey of economists. The economy grew at a similar pace from a year ago in the final quarter of the year, while on a quarter-on-quarter basis, it clocked 2.1 per cent.
Stocks extended their gains to more than 1 per cent after the data. The peso held its loss, with the currency slipping 0.1 per cent against the US dollar.
