by: Sarah Joson
Tuesday, August 11, 2015 |
According to Economic Planning Arsenio Balisacan, the government is keeping its high growth target of 7-8 percent for the economy this year amidst the slow 5.2 percent growth seen in the first quarter.
He noted that even with the disappointing gross domestic product growth in the first three months of this year, he is still confident that the country will reach the lower end of the growth target. Moreover, he pointed out that lowering the growth target during the mid-year would give an impression that the government is not serious with its goals.
Balisacan further explained that the factors that would continue to drive economic growth for the remaining months are private investments, higher stock market performance, and consumer confidence. He also pointed out that the Philippines has emerged as one of the fastest-growing economies in the Asia-Pacific region in the last five years.
The government’s growth target for 2016 will also be 7-8 percent.
In his speech before The Organization of Property Stakeholders-Land Registration Authority summit, Balisacan said during the last couple of years, the country’s average growth has been 6.2 percent and reached 7.1 percent in 2013. This is a clear indication that the Philippine economy is on its way to higher growth.
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