THE GENERAL economic blueprint for the Aquino administration’s term has been completed, with planners keeping previously announced targets such as this year’s gross domestic product growth (GDP) goal of 7-8%.
“We are hoping that with the increased confidence in the Philippines, we can spur investment growth [via this plan],” Socioeconomic Planning Secretary Cayetano W. Paderanga, Jr. told BusinessWorld yesterday.
The Philippine Development Plan (PDP), released by National Economic and Development Authority (NEDA) over the weekend, is “more or less final, pending administrative procedures,” Mr. Paderanga said.
The deficit for this year remains pegged at 3.2% of GDP, equivalent to some P300 billion. The ratio is targeted to drop to 2.6% next year and stay at 2% from 2013 to 2016. Inflation, meanwhile, is still expected to remain within a 3-5% range for 2011 to 2014.
The Development Budget Coordination Committee will still continually meet to review the targets, Mr. Paderanga said, noting that “inflation is currently in the upper end of the range” and the “fiscal balance has exceeded its targets.”
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