"Its recent entry into supermarket retailing," she said, "should support above-average growth for the foreseeable future."

Since National has turned around its profitability and operating results over the last three years, continued above-average growth could prove challenging.

A. Because the companies have gotten so large, it will be harder and harder for them to sustain above-average growth.

"We wanted decent balance sheet and above-average growth because I don't see the case for a strong economy."

From 2003 to 2006, even though the Philippines experienced above-average economic growth, the poverty incidence actually increased as a result of its population growth rate.

We see very attractive above-average growth in the combination.

The industry also has a track record of above-average growth.

Investors are willing to pay high prices for companies that deliver consistent above-average cash-flow growth.

"We want to confirm the growth prospects and understand the company's long-term strategy for achieving above-average growth," he said.

The company's core telephone business has also shown fresh vigor, reporting above-average growth in new lines and improved productivity.