Philippines sets higher growth targets for 2013, 2014

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Economic Planning Secretary Arsenio Balisacan: Aiming for 6 to 7 percent in 2013 INQUIRER FILE PHOTO

MANILA, Philippines—Confident that the economy will surpass the official growth target set for this year, the government has set more bullish growth goals for 2013 and 2014.

Economic Planning Secretary Arsenio Balisacan said the government would aim for the economy to grow by a range of 6 to 7 percent for in 2013, and between 6.5 and 7.5 percent in 2014.

“We expect growth of the economy to remain strong in the next two years,” Balisacan told reporters after the meeting of representatives of the interagency Development Budget Coordination Committee (DBCC).

Economic officials of the government see a surge in foreign investments starting next year on the back of expectation that the Philippines will finally get an investment grade rating by 2013.

Following favorable ratings revisions over the past two years, the Philippines is now rated just one notch below investment grade by all three major international credit watchdogs, namely Moody’s Investors Service, Fitch Ratings, and Standard & Poor’s.

Balisacan said the Philippines would continue recording a favorable growth story, at least in the next two years, even with the weak global economy.

The government announced Wednesday that the Philippine economy, measured in terms of gross domestic product, grew by a faster-than-expected pace of 7.1 percent in the third quarter from a year ago.

This brought the average growth for the first three quarters of this year to 6.5 percent, prompting officials to project that growth for 2012 would exceed the official target of 5 to 6 percent for this year.

Growth in the third quarter was fueled largely by household consumption, government spending, and private-sector investments.

“It is almost the end of the year, and we can say that the target of 5 to 6 percent for the full year may be exceeded. It is likely that growth for this year will settle between 6 and 7 percent,” Balisacan said.

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  • in_s0mniac

    double post

  • blainz

    Yes!!!  Closing in on investment grade by 2013… that’s going to be huge!

    Let’s all hope the country attains, or even exceeds, these growth targets.

  • http://www.facebook.com/profile.php?id=1594869652 Ismael Bihasa

    Good job..Continue for Daang Matuwid..

  • jurbinsky77

    I wish that by early next year, the petro-based resources will be in production. The gov’t can provide low-cost fuel for cooking and transport system. Let there be ligth in the remotest villages in the country. Let the married couples have 2 to 3 children only, not by artificial means but by mutual effort by the husband and the wife. Let there be nice and viable classrooms where Math will be extnesively taught to prepare our young minds for technical jobs and entrepreneurships.
    Let us have our idle backyards bring forth vegetables and fruits for the table. 

    And let there be few crooks in the government and the bullies in the streets and the neighborhood suffer with piles and boils all over their bodies. Let there be spiritual awakening everywhere. Let us help one another to elect good leaders not in the mold of the scions of political dynasty but a new breed of honest dedicated individuals. Let there be more of Penaflorida. And let there be others who would emulate Pres Aquino and the late Sec Robredo.

    I am bulllish for my country and for my people. From the other shore of the Pacific I greet you all, Mabuhay!

  • zeroko

    Economic Planning Secretary Arsenio Balisacan  should tell the truth. Laking utang ng Pinas! He he he! Palubog na tayo. PNoy beat Erap, Gloria, and FVR debt even if you combine their collective debts. In just two years, PNoy has incurred 900 billion pesos debt. Our revenue from BIR and Customs has dived. Thanks to the world wide recession. 
    Puro imagination lang lanhat yan. Just wait. In 2013 and 2014, the building venture will burst like a babble. Absolutely no buyers. 

    • willbillywilly

      Really? Then tell me why are the major international credit watchdogs upgrading us MR CRAB!!!

    • http://www.facebook.com/profile.php?id=1594869652 Ismael Bihasa

      This mind is a crab mind..poor mind..

    • http://pulse.yahoo.com/_ZXCKSVMZPDCG5G4PRM2UZUZPPA Mark

       But you forget that while we have bigger debt we also have a bigger treasury.  Over $82 billion or 3.3 Thrillion pesos. We can pay off our debt by ourselves.

      Dami talaga engot.

      • http://twitter.com/JuanTamadachij Juan Tamadachij

        agree.. he presented only one side of the equation..

  • JV Velarde

    Let’s just hope & pray that we’ll have less of the Marcose’s, Estrada’s, BInay’s, Enrile’s & Gloria’s kissass people in government in the coming years.

    We’ll have the opportunity in 2013 & 2016 elections to get rid of them all.

    • Diablo_III

      Hopefully bro… Let’s always keep watching those trapos…

  • http://pulse.yahoo.com/_AYITA5V33GYZSLC3G37UCVNTKA Ben

    “Economic officials of the government see a surge in foreign investments starting next year on the back of expectation that the Philippines will finally get an investment grade rating by 2013. ”

    Sounds like nothing new. Last year, they said PPP will finally get into full swing this year…and where in the world are they? Now, their looking for investment grade…why can`t we focus on the PPP first, and then it’s good if we get higher investment grade rating…we haven`t put the PPP into overdrive yet. And now, we are already thinking of something else to help the economy…

    • Anqui

      You sounded pessimistic…progress does not happen overnight. specially on a country which is full of pot holes from the previous administration. It is consoling to see that the country reported an upswing performance and more optimistic for the coming two years.  The Aquino Administration has established a respectable performance with regard to eradication of corruption in Government by dragging in chains to court those who were identified of looting the treasury. I asked for an active participation of the citizen to identify  elected officials who are corrupt.

      • http://pulse.yahoo.com/_AYITA5V33GYZSLC3G37UCVNTKA Ben

        Pessimistic or realistic? I am a realistic person, trying to remind the government that they have promises still meant to be done..

        as the saying goes,,,Daig ng maagap ang taong masipag. Opportunity knocks on your doorsteps only once, so grab it” Had you heard this famous adage? If you say “No”, I won’t dare to believe you… Most of the time, the same opportunity will never come back. If it will and is the same as is, then you must be one of the luckiest persons. But we all know that life is not only about luck. According to some experts, luck is only 10% of success. That means, 90% of success depends on YOU..meaning work on it, by the looks of it PPP is already dead…no one is paying attention to it any more and so investors are naturally looking for another stimulant to keep them going…and now it is the investment grade rating…tsk,tsk. lost opportunity already.

      • Guest

        “…progress does not happen overnight. specially on
        a country which is full of pot holes from the previous administration.
        It is consoling to see that the country reported an upswing performance
        and more optimistic for the coming two years.”

        These pot holes had been accumulated for decades already. The previous six presidents weren’t able to make the cut.

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