The Philippines can still sustain its gross domestic product (GDP) growth and achieve at least 6.5 percent this year, Department of Trade and Industry (DTI) Secretary Gregory Domingo said.
Growth could gain traction on the back of government and consumer spending, especially as the election season kicks in and benefits from the European Union’s General Scheme of Preference Plus (EU-GSP+) flow in, Domingo told reporters on Friday.
GDP grew 5.0 percent in the first quarter and stepped up to 5.6 percent in the second – rates that fall short of analyst forecasts. Despite the slowdown, the government has not revised its full-year target range of 7 percent to 8 percent.
Domingo said he is confident that the full-year rate will be higher than the first quarter.
“We can still recover big this time, especially that a lot of investors are coming in and big companies are set to open. Some big factories are still under construction, then there are more mega factories coming in,” he added.
Domingo last week handed over his resignation as DTI Secretary, but President Benigno Aquino 3rd had prevailed upon him to stay put until after the country has hosted the next APEC Summit in November.