The Philippine government welcomed on Thursday the Asian Development Bank's (ADB) higher projection on the country's economic growth for this year, saying it is within the administration's target.
"The ADB's upgraded projection is now in line with the government's projections," presidential spokesman Edwin Lacierda said in a news briefing.
The government is targeting 5-6 percent economic growth for this year.
In its latest outlook, the Manila-based lending agency raised its gross domestic product (GDP) growth forecast for the Philippines to 5.5 percent this year, from its April projection of 4.8 percent.
ADB cited the government's higher spending and investments which boosted the country's GDP growth during the second quarter of this year, resulting in a 6.1 percent growth during the first semester of 2012.
Lacierda said the government is committed to increasing its spending.
"We expect greater infrastructure spending towards the end, and the remainder of the year," he said.
He also cited the continuous improvement in the business process outsourcing and tourism sectors, which could spur growth.
Lacierda also lauded the performance of the local bourse, which closed to a new record high on Wednesday.
"The stock market's recent record again reflects the continuing confidence in the economy," he said.
The Philippine Stock Exchange index (PSEi) ended at 5,375.52, up 26.84 points or 0.50 percent on Wednesday, surpassing the July 5 record close of 5,369.98. /.