Saturday, 19 December 2009

Economic managers project positive economic growth in 2010

DAVAO CITY, Dec. 18 (PNA) -- Economic managers are projecting the gross domestic product (GDP) to inch up by 4.3 percent next year from the current 4.1 percent.

Speaking at a press conference Thursday at The Marco Polo, Davao, Department of Finance (DOF) Undersecretary Gil Beltran said government is expected to pour in more money to achieve next year’s GDP target.

He said the interconnectivity project at the Bureau of Internal Revenue (BIR) aimed at improving its operational system will help government meet its targets.

With the positive growth of the country’s economic indicators this year, the economic managers are optimistic the country’s economy will surge by 2016, Beltran said.

He said they had forecast the country to experience a balanced economy by 2010, but the global financial crisis forced government to change all its strategies to neutralize the impact of the crisis moving further the forecast balanced economy by 2012.

Document of the country’s economic highlights showed that GDP posted positive growth of 0.8 percent in the third quarter of 2009 from 4.6 percent in the same period last year.

The growth is driven by the continued expansion of the services and agriculture sectors.

On the supply side, growth is attributed to the benefits derived from finance, private services, government services and trade sub-sectors.

On the expenditure side, growth drivers included government consumption and public construction.

Gross National Product (GNP) on the other hand, grew by 3.5 percent in the third quarter, buoyed by the 26.0 percent increase in net factor income from abroad.

The document further showed that GNP expanded by 3.3 percent and GDP by 0.7 percent.

Inflation posted 3.2 percent during the first 10 months was well within the target range of 2.5-4.5 percent for 2009.

Remittances from overseas Filipinos grew 8.6 percent in September valued at $ 1.4 billion. For the first nine months this year, remittance grew to almost $ 12.8 billion to 4.2 percent which is well within the 4.0 percent revised growth forecast of the government for this year. (PNA)

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