One of the world’s fastest growing economies is keeping its growth targets at 6% to 7% this 2013 and 6.5% to 7.5% in 2014, opting to be more conservative as global uncertainties linger. These are lower than the stellar 7.8% the Philippines has achieved in the first quarter, even faster than China’s 7.7%. “There are no changes in the macroeconomic targets. We decided to stay conservative,” said Budget Secretary Florencio Abad after the July 3 meeting of the interagency Development Budget Coordination Committee (DBCC) that he chairs. Socioeconomic Planning Secretary Arsenio Balisacan said the move is considered “wise” given external factors. He also said the favorable domestic developments may boost the Philippines chances of exceeding the growth targets.
Read the full story on Rappler.