Philippines posts strong growth
Construction workers works on new skyways in Manila May 28, 2015.

The Philippines economy expanded 6.3 percent in the fourth quarter of 2015, boosted by services and industry sectors, beating a global downturn.

Overall for the year, the growth was pegged at 5.8 percent, the statistics agency said in a statement.

"The numbers are quite encouraging and reflects the strong infrastructure spending push. We expect this trajectory to be sustained and we are forecasting full-year growth for 2016 to be at 5.7 percent," Jospeh Incalcaterra, HSBC economist, told Reuters.

"As this is an election year, most of the spending will be front-loaded. The key risk lies in a sharp deceleration of remittance inflows, which may be offset to some extent by a steady weakening of the peso," the analyst said.'

Elsewhere in Asia, China recorded 5.8 percent growth for full-year 2015 while Vietnam expanded 6.7 percent.

Outgoing Economic Planning Secretary Arsenio Balisacan said the fourth-quarter growth of 6.3 percent showed growth will accelerate this year and that the economy has the momentum to grow up to 7 percent in the first half of 2016.