RP predicts GDP up 5 percent

RP predicts GDP up 5 percent

MANILA: Philippine economic output is expected to rise at least 5.0 percent in the three months to September, which would help the government reach its full-year target of 5.3 percent, Economic Planning Secretary Augusto Santos said on Monday.

Agricultural production rebounded in the past quarter after a dry spell in the first half, likely allowing the gross domestic product (GDP) growth to rise 5.0 percent for the July to September period, he told Congress at a public hearing on the 2006 national budget bill.

First half GDP growth was at 4.7 percent, meaning a 5.9 percent growth in the second half is needed to meet the 5.3 percent full-year target.

"Because of a low base last year and the strong performance in the third quarter, we have a good chance of hitting the full-year target," Santos said. -- AFP