The Philippines economy is going gangbusters

Todd Warshaw/Getty Images

The Philippines economy ended 2015 on a high note.

According to data released earlier today, the economy grew by 2.0% during the December quarter, leaving the annual growth rate at 6.3%.

The figure, above expectations for an increase of 5.9%, marked the fastest year-on-year expansion seen since Q4 2014.

On an annualised basis the economy grew by 5.8%, below the 6.1% pace recorded in 2014.

The Asian Development Bank forecasts that economic growth is likely to accelerate to 6.3% in 2016, led by an expected rebound in government spending in the lead up to the general election held in May.

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