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Arroyo sticks to 2008 GDP growth targets

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By Joel Guinto
INQUIRER.net
First Posted 08:40:00 01/26/2008

DAVOS, Switzerland (via PLDT) – President Gloria Macapagal-Arroyo has said the government would not revise its Gross Domestic Product (GDP) growth target for 2008, despite the threat of a recession in the United States and soaring world oil prices.

The government projects that the economy will grow from 6.3 percent to 7.0 percent in 2008. In the first three quarters of 2007, GDP growth was at 7.1 percent. Fourth quarter and 2007 figures will be released at the end of the month.

“We are performing above target, so I’d rather not revise so we’ll over-perform,” the President told reporters at her chalet here late Friday evening (early Saturday morning in Manila).

Arroyo is in Davos for the World Economic Forum. She will fly to Dubai in the United Arab Emirates on Saturday morning to launch a hedging facility and bonds for overseas Filipino workers.

The President acknowledged that a possible US recession and high oil prices were “sources of uncertainty,” but she said the Philippine economy was resilient enough to weather these.

“We have to address both of these. In the case of the rising oil prices, it is somewhat mitigated by the strong peso,” she said.

On the US slowdown, Arroyo said: “The stock market crashed now, but I mean this thing has been happening for quite awhile, and we’ve been foreseeing it.”

View article as posted on INQUIRER.net

Written by joelguinto

Sat+00:002008-01-26T01:49:09+00:00+00:0001b+00:00Sat, 26 Jan 2008 01:49:09 +0000 22, 2006 at 12:45 am01

Posted in Uncategorized

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