First-quarter economic growth may exceed 7%

Growth in the first quarter may top 7 percent once again, in line with the government’s target for the year, a senior government official said Monday.

Echoing statements by the central bank during the weekend, Finance Undersecretary Gil Beltran, the Department of Finance’s (DOF) chief economist, said even areas ravaged by Supertyphoon “Yolanda” late last year have shown signs of recovery.

“I’m sure it will be very close or will be above 7 percent,” Beltran said, referring to first-quarter gross domestic product (GDP) growth.

Growth in the fourth quarter last year decelerated to 6.5 percent after typhoon damage caused a slowdown in activity in many parts of the Visayas. Still, the fourth quarter of last year was the sixth consecutive three-month period that growth in GDP was near or above 7 percent.

Bangko Sentral ng Pilipinas (BSP) Governor Amando M. Tetangco Jr. last week said most supply and demand indicators showed growth would likely be sustained in the January to March period of the year.

These indicators included car sales, exports and electricity consumption. “These all point to robust growth,” Beltran said. Paolo G. Montecillo