Economic managers are positive that the government will be able to achieve its 0.8-1.8 growth target this year as the second quarter figure exceeded expectations after it reached 1.5 percent.
The government relayed today the domestic economy’s output, as measured by gross domestic product (GDP), is higher than the –0.1 to 0.9 percent forecast of the National Economic and Development Authority (NEDA).
The latest growth amount is, however, lower than last years actual growth of 4.2 percent.
Finance Secretary Margarito Teves, in a statement, said the growth in the second quarter this year is “indeed (a) welcome news and vouches for the resilience of the Philippines economy.’
“The combination of fiscal and monetary stimulus programs enabled us to achieve growth amidst an immensely challenging economic environment,” he said.
The finance chief said they “remain focused on attaining our goal of keeping up economic growth this year by ensuring that the government has the resources to fund its programs and projects.”
“We need the continued support of our citizenry to be able to achieve this,” he added.
Also, Budget and Management Secretary Rolando Andaya Jr. said the second quarter output “confirms that the Philippines is one of few countries across the globe that has ducked recession.”
He noted that “the positive second quarter growth shows that our fiscal stimulus program is indeed working.”
He was referring to the P330 billion economic resiliency program (ERP) of the Philippines government implemented to hinder the impact of the global downturn in hurting growth of the domestic economy.
He stressed that they “will work even harder with various implementing agencies for the smooth implementation of quick gestating projects to support economic growth in the second half.”
“With early signs of recovery in the world’s important economies, we are now more confident that our 2009 GDP growth projection of 0.8 to 1.8 percent is within reach,” he added.
Relatively, Agriculture Secretary Arthur Yap said resiliency of the country’s agriculture quarter also proved itself in the second quarter this year “despite the changing vagaries of the weather brought upon by climate change.”
Yap said this transpired due to “focused spending on infrastructure.’
“Economic and fiscal reforms implemented prior to the crisis are bearing fruits, making growth in production and increases in rural incomes possible,” he said.
Yap added that they will continue to implement the Fertilizer, Irrigation and other rural infrastructure, Extension work, Loans, Dryers and other post-harvest facilities, and Seeds (FIELDS) program “to ensure continued growth for the sector and the economy in the outstanding quarters of the year.”
The said DA program is the government’s measure to increase rice production in the country.
Also, Trade and Industry Secretary Peter Favila said the country “remains as one (of) the few Asian economies that continues to evade recession.”
He attributed this “respectable performance” to the “logical macroeconomic management under very trying times.”
“With this positive news, we are confident that the aim GDP growth of a least 0.8 percent is within reach,” he added.
NEDA and the National Statistics Coordination Board (NSCB) said drivers of growth from May to June this year are the construction and mining and quarrying sectors.The agencies said financial payments from Overseas Filipinos (OFs) also helped boost the growth.
Relatively, gross national product (GNP), or the total value of all final goods and services generated in a nation in a given time, also went up to 4.4 percent in the same period from 3.1 percent in the previous quarter but lower than last year’s 5.3 percent.
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