News Room - Business/Economics

Posted on 05 Feb 2008

Philippines’ gov’t can achieve 2008 economic goals

National Economic and Development Authority (NEDA) is optimistic that the government's economic goals for 2008 would be achieved.

Socio-Economic Planning Sec. Augusto B. Santos noted that Philippine economic performance in 2007 showed that concerted efforts of all sectors of society contributed to the 7.3 percent growth.

Sec. Santos is also confident that while the uncertainties will remain in 2008, increasing public-private sector partnerships will prove to be potent in achieving the economic goals for this year as well as in making this growth felt by all sectors of society.

He added that government spending on infrastructure will be continued as prudent fiscal management will also be maintained.

"We have seen private sector responding positively as evidenced by the pickup of private construction as well as the growth in investments in durable equipment. Thus, it is imperative that government spending on infrastructure should be sustained, complimented by public-private partnership projects while remaining committed to prudent fiscal management," Santos said.

He said that the downside risks to Philippine growth this year would be the volatile oil prices and the weakening US economy.

"There is no doubt that the weakness of the US economy will likely have a negative impact on the Philippines. The US is the single largest market for Philippine exports with a share of about 19 percent of the country's total overseas sales," Santos said.