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PIA Press Release

ADB sees 6.6% economic growth in RP this year

Cagayan de Oro City (19 September) -- Next year, the Asian Development Bank (ADB) expects the country's business climate to improve with lower inflation and fiscal deficit that would translate to higher investments.

This is revealed in ADB's revised report foretelling the country's economic growth to be faster by 6.6 percent, this year, compared to its earlier projection of 5.4 percent, Secretary Margarito B. Teves of the Department of Finance (DOF) said.

"This higher expected growth for 2007 could be due to the robust private consumption and government-led investments," Teves said.

He said this could also be attributed to the country's stronger-than-expected performance for the first six months, with its 7.1 percent first quarter growth rate and 7.5 percent in the second quarter.

Teves said this is the fastest pace of growth in two decades and lower-than- expected inflation rate of 2.9 percent from its earlier forecast of 4.8 percent.

Meanwhile, he said private consumption which makes up for more than three-fourths of the gross domestic product (GDP), grew in the first half of the year by 6 percent due to an 18-percent increase in remittances from overseas Filipino workers.

On the other hand, government consumption rose by 11.8 percent while its public infrastructure spending increased by 33.8 percent.

Likewise, the Singapore-based lender, DBS, has revised its expectations for the country's growth by 6.9 percent, this year, and 6.6 percent in 2008.

The revision is due to the economy's surprising growth in the first two quarters of the year, Teves further said. (PIA 10) [top]

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