Philippines says not abandoning 2015 GDP growth goal

[MANILA] The Philippines is not abandoning its growth target this year of 7-8 per cent despite weaker-than-expected GDP growth in the first quarter, the economic planning chief said on Thursday.

The economy will need to grow an average 7.5 per cent for the rest of the year to hit the low end of the GDP target of 7 per cent, Arsenio Balisacan told a news conference.

He said state spending and exports were expected to pick up in the coming quarters. The government also expects timely rice imports to offset the impact of the El Nino dry weather phenomenon on overall output in the crops sector.

REUTERS