November 10, 2013

Government keeps 7% growth target desite calamities

BusinessMirror today quoted the Economic Planning secretary as saying the country can still achieve the upper of the 6%-7% economic growth despite the catastrophe brought about by a series of calamities in Central Philippines. This is due to the strong growth posted in 1H13. The area was hardest hit by a supertyphoon over the weekend and a devastating earthquake a few weeks ago.

The long-term impact, however, will depend on how fast the government can deliver relief measures, repair and rehabilitate the damaged infrastructure, and restore economic activities in the region. Otherwise, the secretary expressed concerns on the impact to employment and poverty in the region. Visayas hosts some of the country’s crucial agro-based industries and economic zones. - WeathSec