Neda keeps 6-year plan but reviews 2011 targets

The National Economic and Development Authority on Tuesday presented the economic blueprint for the next six-years, committing to achieve a rapid economic expansion that will generate more jobs and reduce poverty in the country.

However, Economic Planning Secretary Cayetano Paderanga Jr., who is also Neda director general, said the government would review the economic assumptions for 2011 in the light of the recent global developments. The government has committed to an annual gross domestic product growth target of 7 to 8 percent until 2016.

“The Development Budget Coordinating Committee will review the macroeconomic assumptions,” Paderanga told reporters at the Neda headquarters in Ortigas. “We are reviewing some of the estimations that we have made.”

Bangko Sentral Governor Amando Tetangco Jr. said the political tension in the Middle East and North Africa as well as the impact of the recent earthquake in Japan could affect oil prices, remittances, exports, investments, tourism and official development assistance in the Philippines.

“So we will also take into consideration not only the developments in the Middle East but also in Japan in reviewing the economic targets,” Tetangco said at the sidelines of the annual general membership meeting of the Marketing Association of the Philippines in Makati City.

Former Economic Planning Secretary Cielito Habito said risks to growth outlook this year included the possibility of a double-dip recession spawned by the situation in Europe, the political unrest in the Middle East, the peso appreciation, the impact of Japan earthquake and the heavy government debt burden.

The Neda board, headed by President Benigno Aquino III, approved the Philippine Development Plan 2011-2016 on Monday. Roderick T. dela Cruz, Manila Standard Today