RP looks at higher growth target in 2010

June 2, 2010 8:26 pm 

MANILA, June 2 — The National Economic Development Authority (NEDA) sees better economic growth for the country in 2010.

In a news conference in Malacanang today, Economic Planning Director Dennis Arroyo said the Philippines is looking at a "sustainable" increase in its economic growth target range this year of between 2.6 percent and 3.6 percent.

Most multilateral funding institutions like the World Bank and foreign banks have already upgraded the country’s growth target to as high as six percent.

Arroyo said growth is "looking good" and now "solid" mainly due to the booming global economy.

Arroyo said the government had "stopped being conservative" after the gross domestic product (GDP) rose to 7.3 percent in the first quarter this year. "We are now more confident in our growth estimates," he said.

"What pushed growth were manufacturing which grew by 20 percent and exports by 17.9 percent – the biggest export surge in 15 years," Arroyo explained. (PNA)

LOR/OPS/ssc

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