Gov't to review macroeconomic targets

ABS-CBN News

Posted at Oct 22 2010 05:57 PM | Updated as of Oct 23 2010 01:57 AM

MANILA, Philippines - The government will review the country's macroeconomic targets, but it is unlikely to revise the current 5% to 6% economic growth assumption for 2010.

The inter-agency Development Budget Coordination Committee (DBCC) will meet before the launch of the public-private partnership initiative in November, said Budget and Management chief Florencio Abad, who is also the chairman of the DBCC.

Asked whether they are considering revising the gross domestic product (GDP) goal for the year after strong performance in the last 2 quarters, Abad said: "We're already in the last quarter. I don't think that is really contemplated."

Last June, the DBCC revised upward its 2010 GDP target from the previous range of 2.6% to 3.6%.

"All the agencies, multilateral and investment ratings predict [our GDP will be] much better [than the target]. I think we believe them," Abad said.

The country's GDP growth accelerated to a 3-year high of 7.9% in the second quarter as state and consumer spending rose.

The government is counting on private investment in toll roads, commuter railways and airports to boost growth to up to 8% from 2011 onwards.