Thursday, 14 May 2009

Philippine GDP growth may reach over 4% this year

Manila Bulletin

The Philippines may hit the high end of its 3.1-4.1 percent economic growth target this year, based on gross domestic product, this year, as new data showed a sharp decline in the country's exports started to ease in March.

Bangko Sentral ng Pilipinas Governor Amando Tetangco also reiterated that the current favorable outlook on inflation gives the monetary authority more leeway in setting policy rates.

Philippine exports tumbled 30.9 percent in March from a year earlier after falling an annual 39.1 percent the previous month and more than 40 percent in both January and December.

''The slowdown in the rate of contraction of our exports is encouraging, which makes achieving growth towards the higher end of our target GDP growth range more manageable,'' Tetangco said in an email message to Reuters.

The Philippines hopes to hit the high end of its 2009 growth target, as it spends more to stimulate the economy and with consumption holding up as remittances from overseas Filipinos stay flat at $16.4 billion this year from 2008.

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