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THE National Economic and Development Authority (NEDA) on Friday
said the Philippine economy likely grew at a faster pace last year
boosted by the services and industry sectors.
Acting Socioeconomic Planning Secretary Augusto
B. Santos, who is also NEDA director general, told reporters that
the economy, as measured by the country’s gross domestic product
(GDP), may have grown between 6.9 percent and 7.3 percent last year.
In 2006, the economy grew 5.4 percent, below the
low-end target the government set for the year at 5.5 percent to 6.1
percent.
“Services [will] continue lead growth since
the sector’s expansion is broad-based. Industry sector to increase
given higher mining and quarrying outputs,” Santos said, adding
that the construction industry was boosted by government
infrastructure projects.
For 2007, the Development and Budget
Coordinating Committee, which sets targets, projects that GDP would
grow 6.3 percent to 7.1 percent.
Earlier, the National Statistical Coordination
Board (NSCB) said its composite leading economic indicator showed
the economy sustained the expansion in the fourth quarter. The
indicator continued its upward trend in the fourth quarter of last
year to 0.286 from 0.153 in the third quarter, recording its fastest
ascent since the third quarter of 2002.
The NSCB said the positive contributors were
stock price index, merchandise imports, consumer price index,
exchange rate, money supply, wholesale price index and new
businesses. Negative contributors include electric energy
consumption, hotel occupancy, terms of trade index and tourist
arrivals.
In the third quarter of the year, the
country’s GDP grew 6.6 percent compared with 5.1 percent in the
same period last year. That was within the government’s initial
estimate of between 6.1 percent and 6.7 percent for the period.
“Barring any sudden changes in the external
environment, the economy is set for further strong growth in the
fourth quarter of this year. Nonetheless, inflationary pressures
arising from the volatility in the oil market must be vigilantly
monitored as this may be carried forward and pose downward pressures
on future growth prospects,” Santos said.
-- Darwin G. Amojelar
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