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Saturday, August 05, 2006
RP can meet growth goals in 2007: Palace
MALACANANG has expressed confidence that the Philippines can achieve its growth target next year despite contrary projections from the International Monetary Fund (IMF) due to the lower level of political noise and the development of the super regions.
Press Secretary Ignacio Bunye said the IMF's forecast of a 5.6 percent growth for next year, which is lower than the government's already reduced forecast of 5.7 percent, is "a challenge" and "a strong motivation" to double its efforts to push its economic agenda forward.
Bunye said while the government doesn't have any control on the rising oil prices, Malacañang is confident that the country can weather it out.
He said the "plus factors" on government's side include the "steady ebb of political noise that no longer poses a threat to economic stability," the development of the super regions, and the spreading "domestic enterprise".
"We believe that the economic targets of the government will continue to be realized," he said.
He said government will not seek reconsideration from the IMF but will just do its best in implementing its economic blueprint, especially in the development of the five super regions.
The IMF said while it expects new investments to pick up as a result of fiscal reforms, it is keeping its five percent growth forecast this year because it won't be enough to lift the economy.
Budget Secretary Rolando Andaya Jr. has said that the government is reducing growth target for next year to 5.7 percent from 6.1 to 6.5 percent due to the impact of rising oil prices on consumer demand, the country's growth driver.
The government expects Gross Domestic Product (GDP) to grow between 5.5 and 6.2 percent this year after five percent in 2005. (JMR/Sunnex)
(August 5, 2006 issue)
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