NEWSFLASH

---

6% GNP GROWTH DESPITE CRISIS

Manila, Nov. 29, 1997 - The country's sound fiscal policies were credited for the Philippines' gross national product (GNP) growth by 6% during the first nine months of 1997.

Although the performance is lower than the 7.3% recorded last year, Economic Planning Secretary Cielito Habito said the GNP figure is better than most expectations, and was at the upper end of the government's projections of 5.5 to 6 percent.

Habito noted that the economy remained resilient amid the financial turmoil across the region in the third quarter.

GNP represents the total amount of goods and services produced by the country, including wage and non-wage incomes remitted from abroad.

---