Manila: Philippine economic growth likely settled within the 6.0 to 6.5 percent range in the third quarter of the year, an economist said on Friday. Seasonal increase in importation, manufacturing and other production activities in preparation for the increased demand during the holiday season likely helped boost growth during the quarter, Rizal Commercial Banking Corporation chief economist Michael Ricafort said in a Viber message. "Increased infrastructure spending would also contribute to economic growth in view of election-related spending in preparation for the May 2025 elections," Ricafort said. Ricafort, however, said that offsetting risk factors include storms and the La Niña that could cause some disruptions in business and other economic activities. Philippine economic growth settled at 6.3 percent in the second quarter of the year. The third quarter gross domestic product growth data will be released by the Philippine Statistics Authority on the first week of November. The Development Budget Coordination Committee (DBCC), which sets economic growth and fiscal assumptions, set a 6 percent to 7 percent economic growth target for this year. DBCC Chair and Department of Budget and Management Secretary Amenah Pangandaman earlier said they might revise upward the growth target this year following the better-than-expected inflation data in September. Headline inflation decelerated to a four-year low of 1.9 percent in September. Source: Philippines News agency
Saturday, October 19, 2024