13:18 | 09/01/2016 Global Economy
The Government of the Philippines has set a 7-percent target in economic growth for the first half of 2016.
(Miagao market, the Philippines (Source: myphilippinelife.com)
In a text message, Budget Secretary Florencio Abad said he is optimistic that the growth momentum will continue from the fourth quarter of 2015 and will be even better than the three previous quarters.
The goal is within reach, Arsenio Baliscan, director-general of the National Economic and Development Authority, added.
Baliscan believed domestic consumption and investment will continue to push growth upwards while exports are forecast to “recover” and boost it further.
Election-related spending will also boost the economy, he said, noting that the rise of manufacturing and tourism could support the expansion.
Abad said consumption would be supported by higher wages for the 1.2 million government employees thanks to the Salary Standardisation Law. Both upper house and lower house plan to pass the salary rise this month./.