The government is forecasting growth of 3.1 percent this year, though many private analysts expect it could be higher.

They forecast growth of 4 to 5 percent for the Philippines.

But that figure is projected to reach $311 million this year, and some analysts forecast growth to well over $1 billion by 2005.

She forecast growth through the rest of the year as "basically more or less the same."

The government had forecast growth of three percent in January.

Various economists have forecast negative growth in the current quarter and the first three months of 2012.

It is forecasting growth this year of just 1.2pc and 1.9pc for 2012.

Analysts now forecast growth to improve in the third quarter, up 7.6 percent.

It forecast growth of 7 percent to 12 percent this year.

Economists are forecasting growth at an annual rate of just about 2 percent this quarter.