Philippine Economy 2010 Posts Record PerformanceThe country's economy grew 7.3 percent in 2010 -- the highest in more than two decades -- the National Statistical Coordination Board (NSCB) reported.Meanwhile, in 2009, the economy grew at just 0.9 percent, the NSCB noted. The strong growth last year came during a period of peaceful political transition when President Benigno Aquino III succeeded then President Gloria Macapagal Arroyo, it said. Likewise, millions of Filipinos working abroad yielded higher remittances all year round, it added. Moreover, the board said the conduct of the national elections in 2010 pumped extra money into the economy in the second quarter of the year. Meanwhile, a report by the AFP news agency cited John Forbes -- an investment advisor with the local American Chamber of Commerce -- as saying that the promise of further political stability during Aquino's six-year term offered hope for a sustained period of strong growth. The advisor cited Aquino's anti-corruption campaign, social welfare spending and multi-billion-dollar infrastructure upgrade plans as other reasons to believe the Philippines could finally start to match its dynamic Asian neighbours, it reported. "What this figure (2010 GDP growth) demonstrates is the potential of the Philippine economy to grow almost twice as fast (as 5.0 percent)," Forbes was quoted in saying. (PIA-NCR/Jerome Carlo Paunan) 
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