MANILA, (PNA) — President Benigno S. Aquino III said he is confident his administration will meet its 2013 gross domestic product (GDP) target given the current developments in the economy.
The President attended the annual Presidential Forum of the Foreign Correspondents Association of the Philippines (FOCAP) at the Manila Hotel where he was asked about his expectations about the economy.
“Can I just say that we’re confident we’ll reach our targets. But I will not be displeased if we surpass the targets,” the President said when asked for comments.
Analysts expect the Philippine economy to grow over seven percent this year, eclipsing the high end of the government’s official 6-7 percent target. The country posted a strong 7.6-percent expansion in the first half.
In September, the New York-based think tank GlobalSource Partners and the Ayala-led Bank of the Philippine Islands (BPI) said the GDP growth would hit 7.2 percent this year, coming off a strong 7.6-percent expansion in the first half.
The country’s GDP expanded 7.5 percent in the second quarter, matching China as the fastest-growing country in Asia, sustaining the over seven percent pace for a fourth straight quarter.