(Updated 12:03 p.m.) The Philippines is set to achieve a full-year growth of “around” 6.5 percent this year – in the absence of “an economically traumatic experience” in the fourth quarter – as the manufacturing, construction, and services sectors add steam to main driver consumer spending.
On that note, Socioeconomic Planning Secretary Arsenio Balisacan told reporters the economy may settle “near” the aspired 7 percent to 8 percent level.
Citing the strong 7.1 percent growth posted in the third quarter that propelled year-to-date growth at 6.5 percent, Balisacan noted that government’s 5 percent to 6 percent target “will definitely be breached.
“To break that 6 percent you only need 4.6 percent for the fourth quarter, which is very unlikely,” he said.
“We don't have an economically traumatic experience this quarter,” the official added.
Services, housing, real estate, logistics and ship building will also be given more focus, the Socioeconomic Planning chief said. — VS, GMA News
The Cabinet-level, policy setting Development Budget Coordination Committee has targeted a 6 percent to 7 percent growth in 2013 and 6.5 percent to 7.5 percent in 2014.
Providing a springboard for growth in next two years are the improvements in key sectors such as electronics and construction, Balisacan noted.
“There will be a more vibrant manufacturing sector buoyed by the semiconductor and electronics industry due to a better global economy,” he said.
“Construction will also increase due to roll-out public infrastructure projects and a slight uptick in private construction,” Balisacan added.
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