Presidential Communications Operations Office

  PIA Bldg, Visayas Ave, Diliman, Quezon City, Philippines
  Thursday, 1 October 2020 News Before 1 Feb 2012. Click for Latest
Web PIA  
 << October 2020 >> 
1 2 3
4 5 6 7 8 9 10
11 12 13 14 15 16 17
18 19 20 21 22 23 24
25 26 27 28 29 30 31
Special News Editions:
PIA Specials:
NEW! Cabinet Officials
Jobs.Slides.Specials.Ads. Events.ASEAN.Multimedia
Visitors since 15 Feb 2011:
PIA News Archive:
PIA Archive News Reader

PIA Press Release

NEDA expects 'better' economic growth in Q2

Manila (23 June) -- The National Economic and Development Authority (NEDA) expects a "better" economic growth in the second quarter boosted by higher government spending and remittances from overseas Filipino workers (OFWs).

Rolando G. Tungpalan, deputy director general of NEDA, told reporters on Monday that "things are looking better now. I can't imagine that the second quarter will be worse [than the first quarter]."

In the first quarter, the economy as measured by gross domestic product (GDP) grew by only 0.4 percent from 3.9 percent in the same period last year.

From April to June last year, the economy expanded by 4.6 percent.

Tungpalan said the increased government spending and the continued inflow of OFW remittances would be the main drivers of the economy in the second quarter.

To further stimulate economic growth in the second half of the year, Tungpalan said the government is pressing agencies to spend their budgets in the third quarter of the year.

The government programmed P1.489 trillion in expenditures this year, lower than the original P1.495 tillion due to a reduction in economic growth target but higher than last year's P1.27 trillion.

Of the total spending program, capital outlays would amount to P289.3 billion this year from P273.2 billion last year.

Dennis Arroyo, director of NEDA's national planning and policy staff, had blamed the worse-than-expected GDP growth in the first quarter to the delay in the passage of budget, which led to the failure of the Economic Resiliency Plan to kick in during the period.

Arroyo, however, said the ERP spending would kick in during the second and third quarters.

President Gloria Macapagal-Arroyo earlier unveiled a P330-billion stimulus package or ERP to pump-prime the economy by quickly disbursing the P1.4-trillion 2009 national budget amid the global economic crisis. (PIA) [top]

|«  prev  next  »|
»Sec. Ebdane commends DPWH regional office
»2,475 borrowers to avail of NHA's condonation program
»Panabo conducts Solid Waste Management Seminar
»Blood donation drive held for Maasim blast victims
»Cebuano News: Opisyal sa NCIP Comval giila nga 2009 Gabriela Silang National awardee
»Cebuano News: Matud ni Gov. Uy, diplomasya maoy unang lakang sa pagpatuman sa iyang all out war batok illegal logging
»Cebuano News: DepEd Comval, pilot sa BEAM; DepEd officials gikan sa lain-laing rehiyon mibisita
»Cebuano News: Mayor Silvosa nanghatag ug mga lingkuran ngadto sa DepEd
»Grenade blast in Sarangani kills 1, wounds 32
»Media practitioners familiarize with science-based agriculture
|«  prev  next  »|

Philippine Official Gazette | Office of the President | Presidential Communications Operations Office
For comments and feedback, please email PIA Newsdesk
Copyright © 2005 Philippine Information Agency
PIA Building, Visayas Avenue, Diliman, Quezon City 1101 Philippines