Philippine Socioeconomic Planning Secretary Arsenio Balisacan said it would still be a challenge for the economy to achieve the government’s 7 percent to 8 percent target growth range for 2015, and the government is now reviewing that target.
“Realistically, even the lower end [of that range]is very much a challenge,” Balisacan, who is also director general of the National Economic and Development Authority (NEDA), told reporters in a press briefing.
The NEDA and the Philippine Statistics Authority (PSA) earlier released data on gross domestic product (GDP) showing growth of 5.6 percent in the second quarter, up from the first quarter’s revised 5 percent and a revised 6.4 percent expansion in the year earlier.
“It’s very likely that we will scale down the targets. What would be realistic is a 6.0 percent to 6.5 percent growth for the full year, but again, we will look into other issues and concerns. We are not projecting that [range]right now. What I am talking about is a realistic scenario,” he pointed out.
The Development Budget Coordinating Committee’s Technical Working Group is now working on the numbers and will meet with the NEDA soon to decide on the targets for the rest of year, Balisacan added.