Quantcast
Latest Stories

Economy headed for 7% GDP growth

Trade execs forecast robust expansion in Q4

By

Spectators become excited during the inaugural switch-on of lights decorating a giant Christmas tree at Araneta Center in Cubao, Quezon City in mid-November 2012. Christmas buying spree, along with increased investments and public and private spending, is seen to drive growth in the last three months so that the economy could grow 6.7 to 6.8 percent in terms of GDP this year, according to Trade Undersecretary Cristino Panlilio. AUGUST DELA CRUZ/CONTRIBUTOR

The Philippine economy could expand at just below the minimum yearly average needed to curb poverty as it builds momentum for future years, according to trade leaders.

Trade Undersecretary Cristino Panlilio said in an interview that the economy could grow 6.7 to 6.8 percent in terms of gross domestic product (GDP) this year. That would make the Philippines the second or third in Asia, with China expected to top, he said.

“We did 6.5-percent (GDP growth) as of September. So if we do 6.7, 6.8 percent (in the fourth quarter), we should average at 6.7,” Panlilio said.

“Increased investments as well as public and private spending are seen to drive growth. Normally the last three months are big months because of the Christmas buying spree,” Panlilio said.

As of October, trade officials have entertained 25 investment missions composed of several firms each. “I am sure we will end the year with something like 32 in-bound missions,” Panlilio said.

On exports, Panlilio said electronics was “flat out” but non-electronic merchandise could pull up exports such that it could break the all-time high of $51.4 billion hit in 2010 because of agricultural products.

Government and consumer spending would more likely boost the economy but exports might not perform as strongly as the strong peso tended to benefit heavy importers yet weakened exporters’ revenue, said Philippine Exporters Confederation Inc. president Sergio Ortiz-Luis and Federation of Philippine Industries chairman Jesus Lim Arranza.

The impact of typhoon “Pablo” on this year’s agricultural output was seen to be “minimal” and might be more felt early next year but the restoration efforts in affected areas in Mindanao could even help boost GDP through public spending, Agriculture Secretary Proceso Alcala said in a phone interview.

The inter-agency Development Budget Coordination Committee (DBCC) has lowered its target for exports growth to 8 percent (from the original 10 percent) and imports to 7 percent (from 12 percent).

The Philippines beat expectations in the third quarter with its 7.1-percent GDP growth, ahead of other economies within Asean. China registered a 7.7-percent GDP growth in the same period.

The third-quarter performance of the Philippines was way above the market’s media forecast of 5.4 percent, Economic Planning Secretary Arsenio Balisacan said, adding that full-year growth would likely beat the target of 5 to 6 percent and move toward the previously “aspirational” 7- to 8-percent range needed every year to spur employment and curb poverty. The country’s top economist said this was expected to translate to more jobs and better incomes for Filipinos.


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: economic growth , economy , forecasts , Philippines

  • elpobre

    One thing for sure, most of the 40 richman/woman in our country are chinese, how can be the full blooded pinoy can be progresive when all these chickwa are kuripot to give an incentives to pinoy laborers who still accomodate the lower class in phil. society, they are greed (i hope not all), only pure pinoys have thier heart to uplift their starving fellow countrymen while these chinese capitalist or chinese upper class are all irresponsible citizen of the motherland.



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

  • 22 houses destroyed, 3 hurt as violent wind storm hits village
  • 242 out of 438 pass board tests for chemical engineers
  • Reckless driver endangered lives of Aquino, entourage–report
  • 5 OFWs from Negros quarantined for MERS-CoV tests
  • Release of village chief’s truck caught carrying illegal logs slammed
  • Sports

  • Alaska takes quarterfinals opener over San Mig Coffee
  • Jackson finds second wind to push Meralco past Rain or Shine
  • NLEX fights off Derulo Accelero to remain unbeaten
  • Mayweather diehard Bieber eats pride, poses with Pacquiao for photo op
  • Power Pinays rip Singapore to enter quarters in Asian volley tilt
  • Lifestyle

  • Miss America: Don’t suspend teen over prom invite
  • Transitions and resurrection in the performing arts
  • ‘Archaeology tour’ of Cebu’s heritage of faith
  • Historic Fort Bonifacio tunnel converted into a septic tank
  • ‘Imports’ from London, and play of the year
  • Entertainment

  • Arrest warrants out vs. Deniece Cornejo, Cedric Lee, et al over serious illegal detention
  • Lindsay Lohan says she had a miscarriage
  • Discovery network cancels Everest jump
  • ‘Captain America’ stays strong atop US box office
  • Easter musings
  • Business

  • Oil prices to go up on supply concerns, optimism on US rebound
  • Century Pacific Food sets IPO price at P13.75 per share
  • Oil prices down in quiet Asian trade
  • Asian shares mixed in holiday-thinned trade
  • BDO seen keen on bidding for Cocobank
  • Technology

  • PH has slowest internet in Southeast Asia
  • Nintendo’s trailblazing Game Boy marks 25th anniversary
  • Nasa’s moon-orbiting robot crashes down
  • Netizens pay respects to Gabriel Garcia Marquez
  • Nokia recalls 30,000 chargers for Lumia 2520 tablet
  • Opinion

  • Gigi’s home
  • Palace stonewalls on MRT inquiry
  • Couple of things too
  • There is plenty of water behind Wawa Dam
  • Triduum thoughts of a young boy
  • Global Nation

  • QC woman who flew in from Middle East tests negative for MERS-CoV
  • DFA, DOH urge OFWs not to panic over MERS-Cov
  • Balikatan could spoil peace talks, says militant group
  • DFA officers hold workshop on aiding human traffic victims
  • Canada in communication with PH on toxic wastes
  • Marketplace