{"id":86395,"date":"2017-01-23T03:06:20","date_gmt":"2017-01-23T08:06:20","guid":{"rendered":"https:\/\/canadianinquirer.net\/v1\/?p=86395"},"modified":"2017-01-23T03:06:20","modified_gmt":"2017-01-23T08:06:20","slug":"ing-economist-sees-phl-16-gdp-at-6-8-17-at-6-2","status":"publish","type":"post","link":"https:\/\/canadianinquirer.net\/v1\/2017\/01\/23\/ing-economist-sees-phl-16-gdp-at-6-8-17-at-6-2\/","title":{"rendered":"ING economist sees PHL ’16 GDP at 6.8%, ’17 at 6.2%"},"content":{"rendered":"

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\"ING<\/a>
ING economist sees PHL ’16 GDP at 6.8%, ’17 at 6.2% (Photo by Allan <\/a>Ajifo [CC BY 2.0)<\/figcaption><\/figure>MANILA\u2014An economist of ING Bank Manila continues to see above six percent gross domestic product (GDP) print for the Philippines for 2016 and 2017 despite weak exports.<\/p>\n

In a research note, ING Bank Manila senior economist Joey Cuyegkeng forecasts domestic output to be at 6.8 percent for 2016 and 6.2 percent for this year.<\/p>\n

He also forecasts a 6.5 percent growth for the economy in the last quarter of 2016 alone and 6.2 percent for the first quarter this year.<\/p>\n

“Consumption and investment activity resulted in higher than trend growth. Strong domestic spending has made up for weak export growth,” he said.<\/p>\n

The government has a six to seven percent growth target for 2016 and seven to eight percent target for 2017-22.<\/p>\n

It is scheduled to report on the economy’s forth quarter and full year 2016 growth on Thursday, January 26.<\/p>\n

Cuyegkeng said the one-off effect of election spending helped boost domestic growth last year but lack of it this year is seen to be countered by projected improvement of agriculture, with a 3.3 percent hike this year.<\/p>\n

“Economic activity in 2017 would rely on more normal economic activity unless strong investment growth in 2016 is carried over in 2017,” he said.<\/p>\n

The economist expects construction to remain strong but cited that domestic growth would see the impact of base effects, thus, the slower GDP projection this year.<\/p>\n

“Durable equipment investments this year may eventually slow after a torrid pace of investments in durable equipment in 2016,” he added.<\/p>\n","protected":false},"excerpt":{"rendered":"

  MANILA\u2014An economist of ING Bank Manila continues to see above six percent gross domestic product (GDP) print for the …<\/p>\n","protected":false},"author":33,"featured_media":85068,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19],"tags":[13362,14146],"class_list":["post-86395","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-gross-domestic-product","tag-ing-bank-manila","mauthors-joann-santiago","mauthors-philippine-news-agency"],"_links":{"self":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/86395","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\/33"}],"replies":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/comments?post=86395"}],"version-history":[{"count":0,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/86395\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media\/85068"}],"wp:attachment":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media?parent=86395"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/categories?post=86395"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/tags?post=86395"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}