MANILA, Philippines–The government’s economic cluster has cut the country’s import and export growth target for 2014, taking into account latest indicators of global demand.
Arsenio Balisacan, director general of the National Economic and Development Authority, said the cut also took into account some changes in the way the balance of payments (BOP) is computed in observance of international standards.
BOP is a record of inflow and outflow of dollars and other foreign exchange to and from the country.
“We considered latest indicators of global demand,” Balisacan told reporters following the meeting of members of the interagency Development Budget Coordination Committee (DBCC), which sets the government’s economic targets and is composed of heads of economic agencies of government.
“There are also changes in the way the BOP is computed so we adjusted [the targets] accordingly,” he added.
For 2013, the government’s official growth targets for import and export were set at 12 and 10 percent, respectively.
However, due to weaker-than-expected demand, the targets are expected to be missed. Actual growth figures for this year are seen hitting only single-digit levels.