Economy seen to grow by 3.8%-4.8% in 2011

Published by rudy Date posted on May 5, 2010

MANILA, Philippines – The government expects the economy to grow anywhere from 3.8 percent to 4.8 percent next year, buoyed by a recovery in exports and imports, according to the latest estimates made by the Development Budget Coordination Committee (DBCC).

The 3.8 percent to 4.8 percent economic growth projection for 2011 is above the growth assumption for this year of 2.6 percent to 3.6 percent.

Exports are expected to grow anywhere from 12 percent to 14 percent next year from the expected growth of 11 percent to 13 percent this year.

Imports, meanwhile, are expected to grow from 16 percent to 18 percent in 2011 from the projected 17 percent to 18 percent growth for this year.

The DBCC, the interagency group that sets the country’s macroeconomic assumptions and targets, will meet on Thursday to finalize next year’s budget.

Finance Undersecretary Gil Beltran said the DBCC also expects next year’s budget gap to be narrower than the P293-billion budget deficit ceiling programmed for this year.

“The deficit will be smaller because the economy is growing faster so we will need less stimulus spending,” said Beltran.

Beltran said that while the DBCC has yet to announce next year’s budget gap, it is definitely “lower than 3.6 percent of gross domestic product (GDP).”

However, the DBCC has yet to make a final recommendation on moving the balanced budget goal to 2016 instead of 2013.

Originally, the government had planned to wipe out the budget deficit by 2010 but moved this to 2013 because of weak revenues.

In the area of privatization for instance, the government has yet to sell any of the three major big-ticket items it has been planning to sell for many years now. These include the P13-billion Food Terminals Inc. agro-industrial property in Taguig, the assets of Philippine National Oil Company-Exploration Corp. in the Malampaya project, estimated at P14 billion to P15 billion and the long-term lease and development contract of the government’s real estate property in Fujimi, Japan for P3 billion.

In the first quarter of the year, the government’s budget gap hit P134.2 billion, above the P110-bilion deficit ceiling for the period and the P119.7 billion budget gap recorded in the same period last year. –Iris C. Gonzales (The Philippine Star)

April 2025

World Day for Safety and Health at Work
“Safety and health at work every day!”

Invoke Article 33 of the ILO constitution
against the military junta in Myanmar to carry out the 2021 ILO Commission of Inquiry recommendations against serious violations of Forced Labour and Freedom of Association protocols.
Accept National Unity Government
(NUG) of Myanmar.
Reject Military!
#WearMask #WashHands #Distancing #TakePicturesVideos

Time to support & empower survivors. Time to spark a global conversation. Time for #GenerationEquality to #orangetheworld!

Monthly Observances:

March – Women’s Role in History Month
April – Month of Planet Earth

Weekly Observances:
Last Week of March: Protection and Gender Fair Treatment of the Girl Child Week
Last Week of April – World Immunization Week

Daily Observances:
Mar 25 – International Day of Remembrance of the Victims of Slavery and the Transallantic Slave Trade
Mar 27– Earth Hour
Apr 21 – Civil Service Day
Apr 22 – World Earth Day
Apr 28 – World Day for Safety and Health at Work

Trade Union Solidarity Campaigns

No to Trafficking

Jobs! Jobs! Jobs!

Categories