Q1 GDP likely grew 5.5 percent, says Paderanga

The economy likely grew 5.5 percent in the first quarter, Socioeconomic Planning Secretary Cayetano Paderanga Jr. told reporters Wednesday at the sidelines of the 45th Asian Development Bank Board of Governors meeting in Pasay City.   “I am hoping I can be as optimistic as (First Metro Investment Corp.)... I’m hoping it will be more or less 5.5 percent,” Paderanga said.   The indicators look good, but the actual picture could still change because not everything is captured by indicators, the Cabinet official said.   At this point, there is a strong chance that first quarter growth could beat the 4.6 percent recorded a year earlier as some indicators are pointing out, according to the Planning Secretary.   “The indicators are good. Infrastructure spending is all over and it continues to improve,” Paderanga said.   Government spending was about P250.8 billion in the first two months of the year, or 12 percent more what was disburseed in 2011. This is a clear indication that economic activities improved in the first quarter of 2012, said Paderanga.   Last year, Philippine output measured by gross domestic product (GDP) grew by 3.7 percent from 7.6 percent, as the Aquino administration decided to cut on spending. Global demand was also weak  last year as the US economy continued to sputter and the euro zone continued to suffer from unmanageable debt.   The expectations are high that the economy for the whole of 2012 will grow within the 5 percent to 6 percent government-set target, Paderanga said. —VS/OMG, GMA News