Malacañang says Q2 GDP like grew 6.5%
The Philippine economy in the second quarter likely performed better than the 6.4 percent output in the first three months of the year, Malacañang said Tuesday.
Factors that drove growth in the first quarter seemed present in the second quarter, Presidential Communications Development and Strategic Planning Office head Ricky Carandang said in a press briefing.
Expectations are rife that second quarter growth will approximately hit 6.5 percent, the Palace official noted.
“Pag tiningnan niyo po ‘yung agriculture output in the first quarter, it grew by about one percent net. I am told by (Agriculture) Secretary Proceso Alcala that the second quarter figures are most likely going to be higher than that,” Carandang told reporters.
Government spending, which the administration started revving up last December, continued to accelerate well into the second quarter, the Palace official added.
“We’re seeing some confidence that second quarter growth could be very strong,” said Carandang.
“I think many people were surprised when we hit 6.4,” he said. “Nobody thought we would go above six percent except for some of our economic managers.
“So I don’t think our economic managers would be surprised kung tumama tayo ng 6.4, 6.5 again. I don’t think the President would be surprised either,” Carandang added.
Socioeconomic Planning Secretary Arsenio Balisacan earlier revealed that economic managers decided to stick to their GDP growth targets of 5 to 6 percent for the rest of the year, and 6 to 7 percent for 2013.
They decided to remain conservative due to the foreign debt situation in Europe and the low income earned from electronic exports, Balisacan noted.
European countries buy about 13 percent of Philippine exports and account for 17 percent of overseas Filipino remittances. — VS, GMA News
Factors that drove growth in the first quarter seemed present in the second quarter, Presidential Communications Development and Strategic Planning Office head Ricky Carandang said in a press briefing.
Expectations are rife that second quarter growth will approximately hit 6.5 percent, the Palace official noted.
“Pag tiningnan niyo po ‘yung agriculture output in the first quarter, it grew by about one percent net. I am told by (Agriculture) Secretary Proceso Alcala that the second quarter figures are most likely going to be higher than that,” Carandang told reporters.
Government spending, which the administration started revving up last December, continued to accelerate well into the second quarter, the Palace official added.
“We’re seeing some confidence that second quarter growth could be very strong,” said Carandang.
“I think many people were surprised when we hit 6.4,” he said. “Nobody thought we would go above six percent except for some of our economic managers.
“So I don’t think our economic managers would be surprised kung tumama tayo ng 6.4, 6.5 again. I don’t think the President would be surprised either,” Carandang added.
Socioeconomic Planning Secretary Arsenio Balisacan earlier revealed that economic managers decided to stick to their GDP growth targets of 5 to 6 percent for the rest of the year, and 6 to 7 percent for 2013.
They decided to remain conservative due to the foreign debt situation in Europe and the low income earned from electronic exports, Balisacan noted.
European countries buy about 13 percent of Philippine exports and account for 17 percent of overseas Filipino remittances. — VS, GMA News
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