The Aquino administration gave a lofty seven percent economic growth target for this year despite failing to achieve a five percent goal for last year as the estimate for growth for the whole year will be lower than 4.5 percent.
“This immense growth in the economic forecast on GDP (gross domestic product) may sound too ambitious but achievable,” Presidential Communications Operations Office Secretary Sonny Coloma said during a forum last Friday.
Despite uncertainties in the global economy, the government said growth in the GDP will be driven by increased government spending, particularly its plan to bid out about 16 flagship projects under the public-private partnership (PPP) scheme.
The government earlier unveiled 16 PPP projects up for auction this year to cost around a total of P154.47 billion.
The banking system also committed full support to the PPP program, which is mainly focusing on infrastracture.
Socioeconomic Planning Secretary Cayetano Paderanga added the P72-billion stimulus spending program and reforms in project implementation will also be contributing factors for economic growth this year.
Paderanga added the administration plans to diversify domestic and external trades that will also contribute to economic growth and will address slowing economic growth that posted a lackluster 3.8 percent GDP expansion in the third quarter of last year.
He added the government plans to strengthen economic relationship with other Southeast Asian countries, especially fast-growing Asean economies, as well as seizing opportunity from the fast-growing China market.
Paderanga said another policy direction the government is targeting this year is stimulating domestic demand by sustaining domestic consumption, securing investments as well as securing the stability of the financial system.
The Aquino administration also boasted of lower unemployment rate last year from 7.1 percent in 2010 to 6.4 percent last year.
“From the help of foreign investors in setting up business process outsourcing (BPO) offices, many Filipinos have acquired jobs as call center agents and technical engineers in these companies,” Paderanga said. “The President is still hoping to decrease the number of unemployed in this year,” he added.
Coloma also foresees great opportunity in attracting more foreign investors in the country through the Department of Tourism’s new slogan “It’s more fun in the Philippines.” “Not only the sceneries here in the Philippines are beautiful but also the smiling faces and ‘heartwarming’ acceptance of the people,” he said.
He also added that the RP would remain strong in 2012 on the back of strong private consumption and higher investments. –Jerimiel Santos, Daily Tribune
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