Gov't may revise 2010 growth targets

ABS-CBN News

Posted at Oct 13 2010 04:58 PM | Updated as of Oct 14 2010 01:02 AM

MANILA, Philippines - The government may revise its 2010 growth targets for the economy, imports as well as exports, an official of the Department of Finance (DoF) said Wednesday.

Finance Undersecretary Gil Beltran said the inter-agency Development Budget Coordination Committee (DBCC) will meet after its congressional hearings on the macroeconomic assumptions and budget.

The country's gross domestic product (GDP), which grew by a surprising 7.9% in the first half, is widely projected to top the official growth target of 5% to 6% for the whole of 2010.

"Eventually, we will revise the target to take into account the emerging actual," Beltran said.

Beltran also said the DBCC may revise its targets for exports and imports as these continue to rise by strong double-digits.

The government expects exports to climb 15% this year and imports are forecast to increase 20%.

Meanwhile, the programmed budget deficit ceiling of P325 billion or 3.9% of GDP this year will likely be retained, according to the finance official.