Kuala Lumpur (VNA), Jan. 31 -- The Philippines became Southeast Asia's fastest-growing economy last year, with expansion driven by consumption, services and investment.

Its gross domestic product ( GDP ) expanded 5.6%, surpassing the median 5.5% growth seen in a survey of economists. Stocks extended their gains to more than 1% after the data. The peso held its loss, with the currency slipping 0.1% against the US dollar.

While the annual pace of expansion is slower than the government's 6-7% target, it is the fastest pace in the region so far.

National Economic and Development Authority Secretary Arsenio Balisacan told reporters on January 31 that the government is confident that the economy will expand at a pace of 6.5-7.5% in 2024 - w...