The Philippines was listed among Southeast Asian countries less likely to feel the pinch of the economic woes in the United States and the European Union, the Department of Trade and Industry (DTI) said citing a report of Bank of America Merril Lynch.
The DTI said with the report and similar other projections reinforce the agency’s decision not to revise a 10-percent export growth target for 2011 as set in the recently approved Philippine Export Development Plan (PEDP) 2011-2013.
“We remain cautiously optimistic about prospects for our exports. There may be psychological impact such as consumer confidence but we continue to keep our eye on the targets we’ve outlined in the PEDP,” Undersecretary for International Trade Adrian Cristobal Jr. said.
The PEDP, the country’s blueprint for export development, forecast exports to double and reach $ 120 billion by 2016. Export growth target for each year from 2011-2013 is 10 percent.
Bank of America Merrill Lynch said in a report that “a one fall in US gross domestic product (GDP) growth reduces the GDP growth in Singapore (-1.7 percent) the most, followed by Malaysia (-0.8 percent), Thailand (-0.4 percent), Philippines (-0.3 percent) and Indonesia (-0.3 percent).”
The projected growth for the country will make it among the fastest growing Asean economy, according to report. The report said it is maintaining its GDP growth projection for the Philippines at 4.7 percent for 2011 and 5.5 percent for 2012.
The Philippines is expected to grow faster than Singapore (4.5 percent this year and 4.3 percent next year); Malaysia (4.3 percent, 5.0 percent); and Thailand (4.1 percent, 4.5 percent). –Ayen Infante, Daily Tribune
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