The Philippines is poised for strong economic growth in the second quarter of 2013 as domestic and foreign investments continued and more locally sourced goods were exported during the period, Economic Planning Secretary Arsenio Balisacan told reporters.
“I think it’s going to be quite a robust growth because so far the indicators are positive,” said Balisacan, who also heads the National Economic and Development Authority. “I still expect that investments will drive growth in the second quarter, that the pace of expansion in the last two quarters of 2012 and in the first quarter of 2013 will continue.”
In general terms, Balisacan said second-quarter growth was likely supported by the same drivers in the first quarter: Manufacturing, private and public construction, consumption and remittances.
Trade growth could be tame, Balisacan said, adding that imports and exports growth targets for the year might have to be lowered to single-digit growth instead of original estimates of 10 percent for imports and 12 percent for exports). “Even the private sector has revised downward (its targets) so we have to consult with them,” Balisacan said.
International industry analysts see the semiconductor industry growing moderately in 2013, according to the Neda. “This may signal a recovery in the country’s electronics exports in the coming months following a series of contractions since December 2012.”
Balisacan also noted that the growth of agricultural exports as well as services exports through BPOs were growing. Trade in services is growing rapidly at a double-digit pace, which Balisacan said made up for the softer growth in merchandise exports.