Quantcast
Latest Stories

GDP on track to meet 6-7% target

Neda chief sees export recovery in 2nd half

By

Economic Planning Secretary Arsenio Balisacan INQUIRER FILE PHOTO

The Philippine economy’s first-quarter performance was likely “on track” to hitting the government’s 6- to 7-percent growth target for the year, Economic Planning Secretary Arsenio M. Balisacan said on the sidelines of the 34th National Conference of Employers.

Balisacan, who is also director-general of the National Economic and Development Authority (Neda), said a stronger currency in the first quarter dampened exports in terms of peso value. The local currency followed an upward trend in the first quarter following four previous quarters of gains. Soft demand due to a weak global economy did not help matters for exporters.

There may yet be a recovery for the rest of the year in terms of outbound shipments, Balisacan said. “For exports, we hope to catch up.”

On the plus side, domestic consumption was “quite robust” and investor confidence remained strong. Government spending was also expected to have helped sustain the momentum from last year’s economic expansion.

Election-related activities given the recent midterm polls for legislators and local officials had little impact, if any, on economic expansion, Balisacan said.

Analysts have forecast that the Philippine economy grew around 6 percent in the first quarter.

The government will release the official figures on economic growth for the first quarter on May 30, 2013.

The country’s gross domestic product (GDP), a measure of the economy, rose 6.3 percent in the first quarter of 2012. In the fourth quarter, GDP expanded by 6.8 percent, bringing full-year growth to 6.6 percent, beyond the government target of 5 to 6 percent.

This year, the Philippines aims to grow its domestic economy by 6 to 7 percent.

Exports and imports both slipped in the first quarter this year. For the first three months of 2013, merchandise exports were down

6.2 percent to $12.1 billion from $12.9 billion in the same period in 2012. Imports fell 7.4 percent year-on-year to $14.36 billion, according to National Statistics Office data.

Balisacan said moderate gains in imports of capital goods showed businesses were continuing their expansion plans in the first quarter of 2013. However, in terms of export prospects, economist Cid L. Terosa of the University of Asia and the Pacific said the overall contraction in imports “reflect slow factory and export growth” due primarily to external factors such as the weak economies of the Philippines’ major trading partners.


Follow Us


Follow us on Facebook Follow on Twitter Follow on Twitter


Recent Stories:

Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines.

Tags: Business , GDP , NEDA

  • rodben

    Congrats OFW Industries all over the world you make more money for the good of TAMAD Pinoy gov’t..



Copyright © 2014, .
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City, Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94
Advertisement
Advertisement

News

  • 2 teenagers killed in Mlang, North Cotabato
  • No sympathy from North Korea over ferry disaster
  • 4 French journalists freed from Syria captors home
  • De Lima on Gigi Reyes: Let’s wait and see
  • South Korean relatives divided over whether to raise ferry
  • Sports

  • Pacquiao courtesy call to Aquino set for Monday
  • Nick Calathes suspension a reminder of supplement risk
  • Teague scores 28 as Hawks soar past Pacers in Game 1
  • Warriors beat Clippers in playoff opener
  • Pacquiao top Mayweather contender
  • Lifestyle

  • Britain’s baby Prince George visits Australian zoo
  • Noli Yamsuan, Cardinal Sin’s ‘official’ photographer: ‘I could smell the aftershave lotion of the Pope’
  • Simplifying and lightening life
  • Where to go for Easter night-out
  • Joe de Venecia visits the Queen Mother of Cambodia
  • Entertainment

  • Show-biz celebrities’ other choices of summer getaway
  • Why ‘Noah’ can’t dock his ark at Philippine theaters
  • Acclaimed artist goes wild while on holiday
  • Believing in this mermaid
  • Missing Xian
  • Business

  • Top-selling insurance agent opens her dream café
  • Connecting and transacting with one another
  • Building wealth for health
  • Why Mandaue Foam buys, rather than rents, space
  • A workplace of new possibilities
  • Technology

  • Nasa’s moon-orbiting robot crashes down
  • Netizens pay respects to Gabriel Garcia Marquez
  • Nokia recalls 30,000 chargers for Lumia 2520 tablet
  • Facebook rolls out ‘nearby friends’ feature
  • Netizens seethe over Aquino’s ‘sacrifice’ message
  • Opinion

  • Epiphany
  • Unpaid creditor vs distressed debtor
  • Moving on
  • From culinary desert to paradise
  • Response to China: ‘Usjaphil’
  • Global Nation

  • Asia seeks Obama’s assurance in territorial spats
  • Cesar Chavez movie sparks memories of Fil-Am labor leaders
  • Filipinos in US poised for success
  • Visas for priests and other faith leaders
  • DOH to continue tracking co-passengers of OFW infected with MERS virus
  • Marketplace