MANILA \u2013 Socioeconomic Planning Secretary Ernesto M. Pernia is optimistic on the sustained expansion of the Philippine economy in the third quarter of 2016 as government spending remain high.<\/p>\n
\u201cWe hope its gonna be at least seven percent,\u201d he told reporters at the sidelines of the 42nd Philippines Business Conference & Expo at Marriott Hotel in Pasay City Wednesday.<\/p>\n
In the first half of the year, the economy grew, as measured by gross domestic product (GDP), by 6.9 percent, with the second quarter output alone rising by seven percent.<\/p>\n
On both periods, the domestic economy’s output is among the highest in Asia, which shows resiliency amid the global economic uncertainties.<\/p>\n
Domestic growth in the first half this year is already at the upper end of the government\u2019s six to seven percent target for the year.<\/p>\n
It remains driven by remittances, the business process outsourcing (BPO) sector and government spending.<\/p>\n
Continued strong inflows from overseas Filipinos and employment gains from the BPO sector boost consumption as well as investment, with the latter also getting support from positive investor sentiments.<\/p>\n
Also, government expenditure rose by 12 percent year-on-year as of last July to PHP1. 44 trillion as more funds are alloted for social services and infrastructure projects.<\/p>\n
Under next year\u2019s proposed national budget, infrastructure allocation amounts to about PHP860.7 billion, up 13.8 percent from this year\u2019s budget.<\/p>\n
The increase is due to the administration\u2019s bid to put up more infrastructure such as roads and bridges that would have longer impact on domestic growth.<\/p>\n","protected":false},"excerpt":{"rendered":"
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