PH economy to hit 7% GDP this year

DESPITE the effect of rising fuel costs on consumer demand, the new chief of the central bank is optimistic that the Philippine gross domestic product (GDP) growth would reach at least the lower end of the government's objective this year.

"It will be difficult to match 8.3 percent [economic growth] in the first quarter because of higher base effects. But at the same time, I will not be surprised if GDP growth this year is 7 percent," Bangko Sentral ng Pilipinas Governor Felipe Medalla said in an interview with reporters on Wednesday night.