Gov't to keep economic targets for 2015

ABS-CBN News

Posted at Dec 01 2014 10:12 AM | Updated as of Dec 01 2014 06:12 PM

MANILA, Philippines - The government is keeping its economic targets for 2015, despite the lower-than-expected gross domestic product (GDP) growth in the third quarter.

Finance Secretary Cesar Purisima said the country can still grow between 7 and 8 percent in 2015.

"We are very confident that growth will further pick up as we strengthen our economic and good governance reforms in the tail-end of this administration. Ingredients for sustained growth remain abundant as the fundamentals of our economy remain sound," he said.

He explained the Philippines has strong macroeconomic fundamentals to ensure continued positive growth.

Purisima is also not inclined to lower the fiscal assumptions for next year, particularly the tax collection targets of the Bureau of Internal Revenue and Bureau of Customs.

Meanwhile, Trade Secretary Gregory Domingo said the Philippines will be back on a high growth path of over 7 percent in 2015, driven by the resumption of public spending, as well as declining oil prices.

"I see a very strong interest in the Philippines, lower oil prices, services will remain strong, no slowdown in remittances and agriculture should be better," he said. - ANC