The expected recovery of manufacturing by the second half of 2012 may boost the country’s economic outlook this year, said an official of the National Economic and Development Authority (NEDA).
The manufacturing industry is considered to be a bright spot in the country despite the challenges abroad, said Brenda Mendoza, director of NEDA’s Trade, Industry and Utilities Staff.
Mendoza was quoted as saying in a Philexport News and Features over the weekend that the robust growth of the manufacturing sector was among the major contributors to the country’s economic growth of 6.4 percent in the first quarter.
In April, manufacturing output grew by 5.5 percent, slower than the 8.2 percent posted in March and 6.5 percent in February. But it was above the 1.2 percent reported in January.
Also, Mendoza said that the receding commodity prices and the impact of the additional P9.02 billion for poverty reduction projects could further boost the economy.
Inflation continued to ease in June to 2.8 percent from 2.9 percent the previous month.
The additional P9.02 billion earmarked by the budget department is part of a government effort to attain the Millennium Development Goals by 2015.