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By Darwin G. Amojelar, Reporter
PHILIPPINE economic managers are set to revise
upwards the country’s economic growth targets for next year and
2010, a document obtained by The Manila Times showed.
The document showed that the Development and
Budget Coordinating Committee (DBCC) has revised the country’s gross
domestic product (GDP) growth goal next year to between 6.5 percent
and 7.3 percent from the 6.4 to 7.1-percent target range set in
December 14.
For 2010, the DBCC raised its target to between
6.9 percent and 7.7 percent from 6.7 percent to 7.5 percent
previously.
For this year, the country’s GDP is expected
to grow from 6.3 percent to 7 percent, or slower than last year’s
31-year record of 7.3 percent expansion.
The figures were set by the DBCC for approval as
of February 8. The interagency body, which sets the country’s
macroeconomic goals and assumptions, is composed of the heads of the
finance and budget departments, of the National Economic and
Development Authority (NEDA) and the Bangko Sentral ng Pilipinas (BSP).
In an interview, Socioeconomic Planning
Secretary Augusto B. Santos, who is also NEDA director-general,
confirmed that the DBCC is set to meet by end of this month to
revise the GDP growth targets for 2009 and 2010.
“The purpose of the DBCC’s next meeting is
to review the 2009 and 2010 projections. We have to review that
because of the changes in macroeconomic variables, oil price [and]
foreign exchange rates,” he said.
“For 2008 [GDP] will stay unless we see a
possible effect [of] the US slowdown,” he added.
The same document also showed that the DBCC’s
earlier assumptions on the price of oil, the peso-dollar exchange
rate, inflation, and exports and imports growth would remain.
Economic managers expect Dubai crude, the
Philippines’ benchmark for the commodity, to cost $80 to $90 a
barrel this year until 2010.
Due to costlier oil, consumer price increases
could pick up faster to a range of 3 to 4 percent this year; and to
3.5 percent, plus or minus one percent for 2009 and 2010.
The interagency body had assumed the peso to
average between P42 to P45 to the dollar this year until 2010.
Due to a stronger local currency, the DBCC
projected exports to grow 8 percent this year until 2009 and 10
percent in 2010.
Imports are seen to grow 9 percent next year and
in 2009, and 11 percent in 2010.
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