Businessmen in the country believe that the Philippine economy will see a four percent increase in its gross domestic product (GDP) this year.
The outgoing president of the Philippine Chamber of Commerce and Industry (PCCI), Ambassador Francis Chua, said this prediction of four percent growth is lower than the revised 2011 growth target which is 4.5 to 5.5 percent. He also said that businessmen should be happy that the local economy remained positive despite the economic crisis in Europe and the US. He added that if not for the natural disasters that negatively affect the growth of the country’s agricultural produce during the fourth quarter, the growth rate might be higher.
Chua is confident for 2012, with the implementation of the Public Private Partnership program and other projects, OFW remittances, as well as this year’s top contributors: tourism, business process outsourcing (BPO), and mining. These industries will be revenue generators for the economy next year.