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PIA Press Release
2010/02/03

RP economy seen to grow 2.6% in first quarter

Manila (3 February) -- Philippine economy may grow by more than 2.6 percent in the first quarter of the year which is the lower end of the official forecast range of 2.6 percent to 3.6 percent for 2010, a ranking Finance official said on Tuesday.

Finance Undersecretary Gil Beltran said that with a stronger-than-expected economic growth this year, the government's budget deficit may fall below the revised deficit ceiling of P293 billion for the year.

Beltran added that it is possible that (first quarter growth) could be higher than 2.6 percent given the recovery in exports. He noted that exports - the biggest factor behind last year's economic slowdown - have started to recover.

Along with the recovering economy, Beltran said it's possible that this year's budget deficit would fall below P293 billion.

However, he said it would be up to the next administration that would come in after t he May elections to revise the economic growth targets. (PIA) [top]

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