Central Bank of the Philippines - Annual Report 07
With 7.3% GDP growth in 2007, the Philippines achieved its highest output performance of the past three decades last year and the government's growth target, notes the country's central bank in its latest Annual Report.
The report also said that the health of the domestic banking system continued to improve with banking lending expanding and asset quality improving significantly. The non-performing loan ratio, for instance, was steadily approaching the pre-Asian crisis level, the report notes.
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