7-8% growth for PH doable, Espenilla says
His optimism is grounded on good economic data.
Bangko Sentral ng Pilipinas (BSP) Governor Nestor Espenilla, Jr. is standing firm that the growth targets set by the Duterte administration remain doable, even as latest available data show otherwise.
“The government has set a growth target of 6.5-7.5% for this year, and 7-8% for 2018 up to 2022.
We believe these targets are attainable, given strong macroeconomic fundamentals, rising government spending on critical infrastructure and human capital development, increasing private sector investments and strong domestic consumption on the back of rising incomes of the country’s young and educated work force,” Espenilla said.
Growth averaged 6.4% during the first half of 2017, which is slightly below the goal. However, the BSP governor said prospects remain upbeat for the rest of the year.