...the growth forecast (PH gov't)

PH officials optimistic on 5-6% economic growth

By: Riza Olchondra
Philippine Daily Inquirer

Wednesday, May 2nd, 2012

 

 

MANILA, Philippines–The country’s top officials are optimistic that the Philippine economy would grow 5 to 6 percent in terms of gross domestic production (GDP) for 2012.

 

Socioeconomic Planning Sec. Cayetano W. Paderanga Jr. told reporters on the sidelines of the 45th ADB  Governors’ Annual Meeting (Manila 2012) that government’s expenditure program is getting on track and economic indicators are looking “good.”

Public Works Sec. Rogelio Singson said “strong spending” and government’s “strong resolve on good governance” ensure that spending is done efficiently.

Both officials also cited business confidence and “strong international support” for the Philippines.

In early 2011, slow government spending and sluggish global trade resulted in 4.6 percent GDP growth in the first quarter of 2011.

Manufacturing and other services, real estate, renting and business activities, and the recovery of agriculture drove economic activity in the first quarter of 2011. Increased investments in fixed capital and household spending also helped offset some of the slowdown.

The domestic economy must grow by an average of 7 to 8 percent annually to generate enough employment and income opportunities for a larger number of Filipinos, according to the Philippine Development Plan 2010-2016. In 2011, contraction in the electronics-heavy Philippine exports pulled down services and other growth drivers.