DBCC – Maniolas

PHL cuts 2014 import, export targets

Dec 092013

President Benigno S. Aquino III presides over the Task Force Yolanda Reconstruction and Rehabilitation Plan Meeting at the Aguinaldo State Dining Room of the Malacañan Palace on Friday (November 29). (MNS photo)

MANILA (Mabuhay) – The Philippines on Friday lowered its import-export targets for 2014, citing lingering uncertainties in global demand – particularly from advanced economies led by the United States, a member of the Cabinet-level Development Budget Coordination Committee said.

The DBCC, which manages the Philippine macroeconomic program, cut the exports target to 6 percent from 11 percent as originally programmed and brought import goal to 5 percent from 13 percent.

The revisions were done after giving the latest demand indicators were given a closer look and Bangko Sentral ng Pilipinas modified the computations for the balance of payments, said Socio-Economic Planning Secretary Arsenio Balicasan, who sits on the budget committee.

However, Budget and Management Secretary Florencio Abad, who also chairs the DBCC, said government is keeping its 2 percent deficit to GDP (gross domestic product) target for 2014, citing the Philippines’ strong fiscal position and better tax collections.

The Aquino administration has enough leeway to absorb additional expenditures to cover post-Yolanda reconstruction while keeping deficit spending within original target, he added. (MNS)

Gov't keeps targets despite surprising first-quarter growth

Economy

May 302013

Gov't keeps targets despite surprising first-quarter growth

MANILA, Philippines – Growth targets will be retained while inflation forecasts will be revisited, officials said, after the first-quarter economic expansion both surprising policymakers and becoming the fastest in Asia for the period. Socioeconomic Planning Secretary Arsenio Balisacan said the Aquino administration is “sticking” to its six- to seven-percent growth target for the year “at the moment,” even after the uptick for the first three months registered way beyond at 7.8 percent. “We periodically review assumptions. We will consider first quarter performance when we meet,” Balisacan told reporters on Thursday after the data’s announcement. The Development Budget Coordinating Committee (DBCC), the body setting macro-economic targets, has yet to set a meeting to review its assumptions, but Budget Secretary Florencio Abad acknowledged growth would be sustained in the coming months. “We intend to sustain or surpass the very standards we set over the succeeding quarters,” said Abad, who is also DBCC chairman, in a statement. He did not elaborate. The 7.8-percent growth last quarter surpassed all growth rates in Asia, notably in China (7.7 percent), Indonesia (six percent), Thailand (5.3 percent), Vietnam (4.9 percent), Malaysia (4.1 percent), Japan (3.5 percent), South Korea (1.5 percent). Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Strong consumption driven by election-spending, investments and government spending were tagged as the drivers for the growth, which was the fastest in three years. A stable inflation, averaging three percent as of March, was also noted. However, the Bangko Sentral ng Pilipinas (BSP) said there is need to Read More …