Philippines’ full-year economic growth likely near 6% – NEDA

MANILA – (UPDATED 11;54 a.m.) The Philippine economy is likely to grow at the upper end of the government target this year, the National Economic and Development Authority said on Monday.

“The Philippine GDP is expected to grow by 5 to 6 percent this year, most likely in the upper range of the target,” Socioeconomic Planning Secretary and NEDA Director-General Arsenio Balisacan said during the Philippine Economic Briefing.

The government aims to grow the country’s gross domestic product by 5-6 percent this year. It has risen by 6.1 percent in the first half.

Balisacan said the private sector will continue to drive growth, particularly the services sector, which includes business process outsourcing, trade and tourism.

He added that agriculture and manufacturing also are expected to support economic expansion. Manufacturing grew 4 percent in the second quarter, while agriculture eased to 1.7 percent.

“We’re sticking to our target of 3.5-4.5 percent growth in agriculture,” Agriculture Undersecretary Joel Rudinas however said.

He said the government has the technical capability but had been hampered by a dip in investment in critical infrastructure.

“Government is prioritizing investments in critical infrastructure like irrigation, post-harvest facilities, R&D, distribution systems,” he however said. –Darwin G. Amojelar, InterAksyon.com, with a report from Krista Angela M. Montealegre