Balisacan: PH could meet 6 pct growth target despite slowdown among trade partners | ABS-CBN
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Balisacan: PH could meet 6 pct growth target despite slowdown among trade partners
Balisacan: PH could meet 6 pct growth target despite slowdown among trade partners
ABS-CBN News
Published Aug 02, 2023 11:49 AM PHT
MANILA — The Philippine economy could meet its 6 to 7 percent growth target this year despite a slowdown among its trade partners, National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan said on Wednesday.
MANILA — The Philippine economy could meet its 6 to 7 percent growth target this year despite a slowdown among its trade partners, National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan said on Wednesday.
"We’ll be happy if we hit the 6 percent given the quite challenging headwinds in the external environment, particularly the slowdown in our trading partners," Balisacan told ANC.
"We’ll be happy if we hit the 6 percent given the quite challenging headwinds in the external environment, particularly the slowdown in our trading partners," Balisacan told ANC.
"I think all we need is an average of 5.9 percent for the last three quarters of the year to hit the 6 percent growth, the lower point of the range, so we have not given up," he stressed.
"I think all we need is an average of 5.9 percent for the last three quarters of the year to hit the 6 percent growth, the lower point of the range, so we have not given up," he stressed.
Balisacan noted that only a small part of national economic growth comes from international trade.
Balisacan noted that only a small part of national economic growth comes from international trade.
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"The trick is to ensure that the domestic economy is working well, and I think we have that move for us to remove all restrictions pertaining to COVID-19, [we need] a good support to that effort, the effort to focus on infrastructure and investment, particularly on the ease of doing business in the country," the official said.
"The trick is to ensure that the domestic economy is working well, and I think we have that move for us to remove all restrictions pertaining to COVID-19, [we need] a good support to that effort, the effort to focus on infrastructure and investment, particularly on the ease of doing business in the country," the official said.
"For us at NEDA in particular, in the entire economic team, we are convinced and quite realistic that without massive investments, both domestic and foreign, you would have difficulty achieving improvement in our employment opportunities for our workers," he added.
"For us at NEDA in particular, in the entire economic team, we are convinced and quite realistic that without massive investments, both domestic and foreign, you would have difficulty achieving improvement in our employment opportunities for our workers," he added.
The Philippine economy expanded 6.4 percent in the first quarter of 2023, the slowest following 7 quarters of above 7 percent growth.
The Philippine economy expanded 6.4 percent in the first quarter of 2023, the slowest following 7 quarters of above 7 percent growth.
GDP figures for the second quarter will be released on Aug. 10.
GDP figures for the second quarter will be released on Aug. 10.
Balisacan also said he was confident that the government would hit the 2 to 4 percent target for inflation by the end of this year, despite the damage caused by typhoon Egay to the country's agriculture sector.
Balisacan also said he was confident that the government would hit the 2 to 4 percent target for inflation by the end of this year, despite the damage caused by typhoon Egay to the country's agriculture sector.
"I think it’s still very achievable. Now inflation is not just about typhoons. It’s all about supply. And so if you manage any shortfalls that arise out of these calamities, then there should be no unnecessary...elevated prices," he said.
"I think it’s still very achievable. Now inflation is not just about typhoons. It’s all about supply. And so if you manage any shortfalls that arise out of these calamities, then there should be no unnecessary...elevated prices," he said.
Balisacan added that he was not expecting wage hikes and increases in fuel prices to affect inflation or economic growth numbers.
Balisacan added that he was not expecting wage hikes and increases in fuel prices to affect inflation or economic growth numbers.
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