{"id":60712,"date":"2015-09-03T21:40:46","date_gmt":"2015-09-03T13:40:46","guid":{"rendered":"https:\/\/canadianinquirer.net\/v1\/?p=60712"},"modified":"2015-09-03T21:40:46","modified_gmt":"2015-09-03T13:40:46","slug":"imf-ph-growth-slower-than-expected","status":"publish","type":"post","link":"https:\/\/canadianinquirer.net\/v1\/2015\/09\/03\/imf-ph-growth-slower-than-expected\/","title":{"rendered":"IMF: PH growth slower than expected"},"content":{"rendered":"<p><a href=\"https:\/\/canadianinquirer.net\/v1\/wp-content\/uploads\/2014\/10\/shutterstock_21396715.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium wp-image-28955\" src=\"https:\/\/canadianinquirer.net\/v1\/wp-content\/uploads\/2014\/10\/shutterstock_21396715-300x224.jpg\" alt=\"PH_Economic_growth_shutterstock_21396715\" width=\"300\" height=\"224\" srcset=\"https:\/\/canadianinquirer.net\/v1\/wp-content\/uploads\/2014\/10\/shutterstock_21396715-300x224.jpg 300w, https:\/\/canadianinquirer.net\/v1\/wp-content\/uploads\/2014\/10\/shutterstock_21396715.jpg 500w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><\/p>\n<p>MANILA \u2013<span style=\"line-height: 1.5\">The International Monetary Fund (IMF) <\/span><span style=\"line-height: 1.5\">on Wednesday<\/span><span style=\"line-height: 1.5\"> said that the economic growth of the Philippines is slower than what the agency had originally anticipated.<\/span><\/p>\n<p>\u201cThe second-quarter growth is broadly in line with what we expected, but the first quarter got revised a little so the forecast would somewhat be affected,\u201d said IMF resident representative Shanaka Jayanath Peiris.<\/p>\n<p>From the original 6.7 percent last July, Peiris said that a \u201csmall minor adjustment, potentially downwards,\u201d would be made from its 6.2-percent growth forecast for 2015.<\/p>\n<p>He added, \u201cAround six-percent growth is (still) not far-fetched.\u201d<\/p>\n<p>Peiris also admitted that the target of the government of seven to eight-percent gross domestic product (GDP) growth reach for the year might be a challenge.<\/p>\n<p>According to data from the Philippine Statistics Authority, the GDP growth for the first quarter was brought down to five percent from the original 5.2 percent, following the slow growth of the agriculture and mining industries.<\/p>\n<p>However, the economic growth reached 5.6 percent in April to June, according to Budget Secretary Florencio Abad.<\/p>\n<p>Despite this, Peiris said that the IMF is still positive about the country\u2019s economic growth saying that \u201ctemporary exogenous factors\u201d are likely to dissipate later in the year.<\/p>\n<p>\u201cIt\u2019s actually global factors, including temporary factors. The agriculture is down because of El Ni\u00f1o. Exports are affected by the global slowdown and then there was also the slowdown in public spending, which is picking up,\u201d said Peiris.<\/p>\n<p>He added, \u201cBut fixed investments are quite solid, (and) we don\u2019t see this slowing down. So we think overall there is temporary slowdown, but we should have a bounce back in the second half of the year.\u201d<\/p>\n<p>In terms of acceleration, Peiris said that it can be expected until early next year. He said that public spending will increase given that 2016 is elections time.<\/p>\n<p>\u201cThe participation of the Philippines in global value chain is another issue. The value added of the Philippine trade sector is very low. The tariffs have gone down, but behind the border costs are still quite high,\u201d said Peiris.\u201cThere is a huge opportunity for the Philippines, but we need to address these issues,\u201d he said<\/p>\n","protected":false},"excerpt":{"rendered":"<p>MANILA \u2013The International Monetary Fund (IMF) on Wednesday said that the economic growth of the Philippines is slower than what &hellip;<\/p>\n","protected":false},"author":44,"featured_media":28955,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19],"tags":[],"class_list":["post-60712","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","mauthors-lei-fontamillas","mauthors-philippine-canadian-inquirer"],"_links":{"self":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/60712","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/comments?post=60712"}],"version-history":[{"count":0,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/60712\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media\/28955"}],"wp:attachment":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media?parent=60712"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/categories?post=60712"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/tags?post=60712"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}