RP revises GDP targets for 2008

The Philippines is revising downwards its Gross Domestic Product (GDP) growth targets, according to a statement sent thru e-mail by the National Economic and Development Authority (NEDA).

“The economic managers have accepted my suggestion to revise the Philippine economic projections downwards in the light of recent global developments,” said Socio-Economic Planning Secretary Ralph Recto.
“Gross Domestic Product (GDP) for this year is projected to grow between 4.4 percent to 4.9 percent from the Development Budget Coordination Committee (DBCC) July projection of 5.5 percent to 6.4 percent. GDP growth projection for 2009 is between 4.1 percent to 5.1 percent,” Recto added.

“The bright side is we expect food and oil prices to stabilize and expect inflation to be lower. Exports will be flat, interest rates will slightly go up, and government deficit will be within target,” he said.

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