Philippine economic growth this year will likely hit the 6.5 percent to 7.5 percent target on account of rising exports and infrastructure spending, a Cabinet official said.
“We will be within the range for sure. We have a wide target range so it’s very safe,” Socioeconomic Planning Secretary Ernesto Pernia told reporters on Thursday.
The economy grew by 6.5 percent in the second quarter, picking up from the 6.4 percent recorded in the first three months of the year but down from the 7.1 percent posted a year earlier.
Year to date growth, at 6.4 percent, is just below target.
“I think the external economy is favorable, so in terms of our exports I think would be a good prospect for our outbound shipments. And then also the spending on infrastructure is going to escalate over the next three months,” Pernia said.
“There are also no major typhoons so we hope that the rest of the year will be mild in terms of weather disturbance,” he added.
Merchandise exports as of end-July this year totalled $36.57 billion based on government data, 13.9 percent higher compared to the same period last year.
The Budget department, meanwhile, has said that infrastructure and other capital spending for January to July was 11.1 percent higher year on year at P297.5 billion.
Farm sector growth has also been positive, accelerating to 6.18 percent in the second quarter from 4.9 percent in the first three months of the year.