MANILA - The country's economic growth target for the year remains achievable despite the damage caused by Super Typhoon Karding, Socioeconomic Planning Secretary Arsenio Balisacan said Tuesday.
Heavy rains and flooding have caused an estimate P160 million damage in agriculture, government data showed. Some 45,334 people or 11,500 families also fled their homes, according to data from the National Disaster Risk Reduction and Management Council.
But Balisacan said the 6.5 to 7.5 percent target is still within reach.
"We are thankful Karding (Noru), which whipped on the belly of the Philippine economy (Luzon’s landmass), was not Ondoy, Ulysses, or Yolanda. Still, damage appeared considerable, though not likely at a level that would make us kiss goodbye to our growth target for this year," he said in a Tweet.
In comparison, government data showed that Ondoy caused P6.669 billion in agriculture damage and P2.617 billion damage to infrastructure. Yolanda, meanwhile, caused about P9.6 billion in damage to infrastructure, data from the NDRRMC showed.
The Development Budget Coordination Committee (DBCC) earlier pegged this year's gross domestic product growth to settle within the 6.5 percent to 7.5 percent. This was lowered twice from the original estimate due to the impact of Russia's invasion of Ukraine and the COVID-19 omicron variant. [LOWERED https://news.abs-cbn.com/business/07/08/22/dbcc-further-narrows-2022-ph-economic-growth-target]
The country's GDP grew by 7.4 percent in the second quarter, following the revised 8.2 percent growth in the first 3 months of the year.