by magnolia_eic | Jun 1, 2011 | Headlines, National News
PRESIDENT Benigno S. Aquino III expressed confidence Monday that the Philippine economy would hit its growth target of seven to eight percent by the end of the year due to the reforms being implemented in government that will entice businesses to invest in the country.
In an interview in Malacañang, the President said the country’s gross domestic product of 4.8 percent as posted by the National Economic Development Authority (NEDA) for the first quarter of the year was almost the same as those posted by our neighboring countries and was indicative of the effects of the earthquake that struck Japan in March and the turmoil that rocked the Middle
East in February.
“If we compare our GDP with that of our neighboring countries, we are not that low end. We all have been affected by the Middle East crisis and the earthquake that struck Japan which we all know to be one of our largest trading partner and source of overseas development assistance,” the President said.
He said the government will be able to pump prime the economy for the second quarter of the year by inviting domestic and foreign businesses to invest in the country through the government’s Public Private Partnership (PPP) program.
He said this investment program coupled with the lowering of crude and electricity prices is key to reaching our economic growth target for the year. (PCOO)
by magnolia_eic | Jul 7, 2010 | Business, Headlines
THE economy is poised to grow by 6.2 percent this year on the back of a recovering global environment, the Institute of International Finance (IIF) said in its latest report on the country.
IIF said that aside from a recovery in the global economy, investors’ optimism on the new government also bodes well for the country.
The global research firm believes that President Aquino is likely to take the “window of opportunity” provided by favorable economic trends, in pursuing fiscal reforms that would boost gross domestic product (GDP).
It also welcomed the news that Mr. Aquino’s priority would be to address the fiscal slippage which he described as “alarming.”
IIF said the Aquino administration should be able to reverse the worsening budget deficit trend before it undermines investor confidence. (PIA-Bohol)
by magnolia_eic | Jun 18, 2010 | Headlines, National News
ECONOMIC Managers on Wednesday approved a new 5.0-6.0% growth target for 2010 — significantly higher than the 2.6-3.6% range it replaced but down from a proposed 5.9-6.9% — following the first quarter’s surprisingly strong 7.3% uptick.
Other macroeconomic targets were maintained, Finance Secretary Margarito B. Teves told reporters, but the budget deficit could increase to a fresh high even as revenue agencies exceed their collection goals.
“Based on our fine-tuning of the recommendation of the technical working group of the DBCC and analyzing the factors that will drive GDP (gross domestic product) growth, we ended up with the 5.0-6.0% [target],” Mr. Teves said.
The interagency Development Budget Coordination Committee, which sets the country’s macroeconomic targets, met yesterday to discuss proposals submitted by its executive technical board. Officials who attended the board’s meeting last week said one of the recommendations was a 2010 GDP growth goal of 5.9-6.9%.
While the deficit target of 3.6% of GDP will be maintained, Mr. Teves said increased spending to sustain the growth momentum could push the nominal shortfall to around P300 billion from the current P293 billion.
The budget deficit hit a record high of P298.5 billion last year, equivalent 3.9% of GDP. (PIA-Bohol)
by magnolia_eic | May 31, 2010 | Headlines, National News
EXPORT growth targets have been revised upwards on the back of strong orders and could be hiked further following the economy’s better-than-expected performance in the first quarter.
Senen M. Perlada, executive director of the Export Development Council (EDC), said the public-private body, in a May 21 meeting, adjusted its 2010 growth forecast to 22% from 20%.
With exports “really going strong,” he said the target for merchandise goods had been raised to 20% from 16% while that for service exports was kept at 30%.
Perlada, who is also head of the Trade department’s export promotion bureau added that the electronics sector is still performing strongly and may grow around 25%. He said giftware may also grow by 10%.
The adjustment was made ahead of last Thursday’s announcement of 7.3% gross domestic product (GDP) growth for January to March, which the government said was due in part to increased trade following last year’s economic downturn. (PIA-Bohol)
