By Joann Santiago
MANILA, May 27 (PNA) — Finance Secretary Cesar Purisima said moves to sustain the continued expansion of the Philippines’ economy continues after a slowdown in 2014.
“We’re working to make sure that the full potential of the Philippine economy is realized,” he told reporters at the sidelines of the Ease of Doing Business briefing Wednesday.
The domestic economy grew by 6.1 percent in 2014, below the government’s 6.5-7.5 percent target due to the combined impact of calamities that hit the Visayas in the last quarter of 2013 and the congestion in Manila ports for most of the year.
For 2015-16, the government’s growth target is a range of seven to eight percent.
The government is set to report the 2015 first quarter output Thursday, May 28, 2015.
Purisima declined to give his growth projection for the first quarter output but stressed that the government continues to implement reforms to achieve long term results.
“Whatever the GDP (gross domestic product) number is, those are …to give us a feedback on what else we need to tweak to make sure that we hit our goal of hitting growth rates of seven to eight percent,” he said.
The Finance chief also pointed out that “whether we hit it this term or next term, or the next year, what’s important are the foundations we’re building.”
“It’s not one year or two years, we need to have sustainable high growth rates,”‘ he said.
Purisima said domestic growth under the current Aquino has averaged above six percent and “we’re still trying to increase that to an even higher number.”
He cited that there will always be hindrances to hit the growth targets “so don’t be fixated on any number.”
” I’m not focused on that. I am focused on the long term game plan of sustainability,” he added. (PNA)