Gov’t keeping dream 2011 goal of 8% growth

Published by rudy Date posted on January 21, 2011

The government is sticking to a seven to eight percent economic growth target this year despite independent projections and the government’s own estimate in drafting the budget that the gross domestic product (GDP) expansion will not exceed five percent for the year.

Socio-economic Planning Secretary Cayetano Paderanga said before a Foreign Correspondents Associations of the Philippines (Focap) forum yesterday growth for the entire 2010 would likely surpass the target of between five and six percent and gross national product (GNP) expansion that includes remittances from Filipinos working overseas of between seven and eight percent.

Paderanga said the economy steadfastly expanded by 7.5 percent in the first three quarters of last year despite the decline in agricultural output as a result of the El Niño weather disturbance.

Industry and services grew, which were boosted by both strong foreign and domestic demand, he said.

With the absence of election spending and the still quite fragile global economic recovery this year, we expect growth to be more modest, he said.

He noted that in preparation of the 2011 government budget, the government assumed a conservative five percent GDP growth.

“That is only for the budget process. However, with the right policies and continued confidence, we are hopeful that the government interagency Development Budget Coordination Committee’s real GDP growth target of seven to eight percent and a real GNP growth target of nine to 10 percent would still be achievable,” he added.

He said the agriculture sector may recover this year as the impact of the government’s modernization plan kicks off.

“In the industry sector, all sub-sectors — which includes mining, construction, housing, biofuels, and the Halal food market — will post full recovery. Meanwhile, services will continually improve driven by trade, private services, and finance,” he added.

Paderanga also expected private consumption to remain a key driver on growth as remittances will still play a key role for increased spending.

“Investments will continue to post strong expansion on account of construction, agro-industry, business process outsourcing or BPO, electronics and semiconductors, and tourism,” he added.

Paderanga said the government is also drafting the Medium-Term Philippine Development Plan for 2011-2016 which will be geared toward achieving national development, having inclusive growth or growth that is shared by all, creating more jobs to empower the people and providing them with opportunities to rise above poverty.

“The MTPDP will flesh out the needed programs and policies to fulfill the visions of President Aquino’s social contract that is also consistent with the targets of the Millennium Development Goals. The plan includes priorities on supporting a higher investment rate, which is benefitting from increasing disposable income due to remittances, to be larger than the savings rate,” he said.

Public-private partnerships or PPPs are a key strategy for higher investments that will also address the lack of infrastructure, he added.  –Ayen Infante, Daily Tribune

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