2013 economic growth target stays for now — Palace

MANILA, Philippines – The government is not yet revising its 2013 growth target of 6% to 7% despite the stellar first quarter growth of 7.8% and an expected better performance in the second quarter.

In a Malacañang press briefing on Tuesday, June 18, Cabinet Secretary Jose Rene Almendras said the government is waiting for inputs from other economic and social clusters before making adjustments in the country’s growth outlook.

“We’re still on the 6% to 7% for this year. We’re waiting for some numbers that will hopefully come in on the second quarter,” he said.

Analysts and economists are expecting an equally stellar or even higher growth rate in the second quarter due to election spending. The local economy traditionally experience a spike during election years. The mid-term elections was held last May.

Several groups, including multilateral agencies, however, are keeping their Philippine outlook for 2013 at around 6%.

Almendras also added the growth rates for the remaining years of the Aquino administration are being revised in the Philippine Development Plan (PDP) of the National Economic and Development Authority (NEDA).

“For our 2014, 2015 and 2016, that’s the one that NEDA already has its recommended numbers. [Those are] the ones that are being discussed at the Cabinet level,” he said. – Rappler.com