Gov't raises 2014 imports growth estimate


Posted at Jun 20 2014 06:22 PM | Updated as of Jun 21 2014 02:22 AM

MANILA - The Philippines raised its estimate for imports through 2016 on anticipation of high inflows of construction materials for rebuilding after last year's super typhoon and the start of big infrastructure projects, the economic planning chief said on Friday.

Overall imports in 2014 will likely grow 9 percent, more than a previous forecast of 6 percent, before rising to 10 pct next year and 12 percent in 2016.

"There's a lot of reconstruction that's going to happen," Arsenio Balisacan told reporters after a meeting of an inter-agency committee that sets macroeconomic targets.

Manila kept its export growth estimates at 6 percent this year, 8 percent next year and 10 percent in 2016.