PHL econ chief Balisacan: Q1 output 'on track'

The country's economic expansion in the first quarter remained robust and is on track to hit the government's 2013 growth goal despite a slowdown in exports, the economic chief told reporters Friday. 

 

“We seem to be on track for the first quarter,” Socioeconomic Planning Secretary Arsenio Balisacan said  in an interview at the sidelines of 4th National Conference of Employers. 

 

The economy “needs to grow 6 percent to 7 percent every quarter” to meet the government's target of the same range for this year, he noted.  

 

Last March, Balisacan said the economy might have grown 6 to 7 percent in the first quarter. 

 

Output for the first and fourth quarters last year hit 6.4 percent and 6.8 percent, respectively, while the full-year GDP was at 6.6 percent.

 

“Exports are down but economic growth is not just on exports, there are other factors that have to be considered and these are strong,” Balisacan said Friday. 

 

Domestic demand, consumption, government spending and investments remained “good” in January to March, the economic chief noted.

 

In the first quarter, merchandise exports fell 6.18 percent to $12.08 billion from $12.876 billion a year earlier, largely on account of a 30 percent contraction in electronics shipments, the country’s top export product.

 

Government expenditures as of the first quarter totaled P430.803 billion, up 9.1 percent from P394.884 billion year-on-year.

 

Infrastructure spending, in particular, grew by 50.1 percent to P58.1 billion and exceeded the P55-billion program. — SOA/VS, GMA News