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PH likely to beat 2013 growth target – Balisacan

Rappler.com
With the GDP growth rate of 7.6% in the first 6 monhts, Socioeconomic Planning Secretary Arsenio Balisacan said the Philippines will likely beat its growth target for 2013

MANILA, Philippines – With the higher than expected 7.5% gross domestic product (GDP) growth rate in the second quarter, Socioeconomic Planning Secretary Arsenio Balisacan said the Philippines will likely beat its growth target for 2013.

Read: Philippines matches China’s 7.5% growth in Q2

The Aquino government initially forecast to hit a 6% to 7% economic growth rate in 2013.

“I think we will likely surpass the target growth for the full year. What we have to sustain now is investment in order to create quality jobs,” he told reporters at a press briefing on Thursday, August 29.

“This only confirms that the Philippine economy is now on a higher growth trajectory,” he added.

The second quarter data brought the GDP growth in the first half to 7.6%. 

“We are in a better position than many of the emerging economies,” Balisacan said.

A strong economic fundamentsls will allow the country to manage risks coming from market volatilities and global headwinds.

“With strong macroeconomic fundamentals, our country has the means to manage risks that arise with volatilities, including those of the stock market and Philippine peso,” Balisacan said.

“This performance is the best evidence that fundamentally, the Philippine economy is moving from strength to greater strength despite the volatile global environment,” Finance Secretary Cesar Purisima said in a statement.

The April-to-June data are a sharp improvement from the 6.4% seen in the same period in 2012, the National Statistical Coordination Board said.

This also marks the 4th straight quarter of growth above 7%.

The economy is now expanding faster than any other in Southeast Asia, while the second-quarter results are in line with growth in regional powerhouse China. – Rappler.com

 

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