Export-driven growth seen at 5 percent

THE Philippines would be able to achieve 5-percent growth this year once its exports picked up, the Asian Development Bank said on Thursday.

The government sees the gross domestic product expanding by 5 to 6 percent this year after it grew by just 3.7 percent last year or below its 4.5-percent target.

“Of course, in the medium to the long run the Philippine economy can grow 6 to 7 percent,” ADB president Haruhiko Kuroda said in a briefing after a closed-door meeting with President Benigno Aquino III and Finance Secretary Cesar Purisima.

“There are a few downside risks. We are cautiously optimistic,” Kuroda said, adding the spiraling oil prices would be one of the potential risks for Asia.

Purisima said the impeachment trial of Chief Justice Renato Corona was not dampening the business climate. Investors were more optimistic about doing business in the country, he said.

The Philippines is hosting the ADB’s 45th annual meeting in May, which is expected to be attended by 4,500 delegates. Joyce Pangco Pañares, Manila Standard Today