MANILA – The government hopes for an economic growth of 7.0 percent in the second quarter of the year, banking on higher spending, Socioeconomic Planning secretary Ernesto Pernia said recently.
“We are certainly hoping for 7 percent, because of no more under spending and so much more spending on capital equipment and our ‘Build, Build, Build’ program,” he said during a press conference in Manila.
Department of Budget and Management (DBM) data showed that spending on infrastructure development grew by 26 percent to P58.1 billion in May.
In the first five months of 2018, infrastructure spending was up 42.4 percent at P280.8 billion from the P197.2 billion a year earlier.
“There’s a lot of activity, there’re so many projects that we’re finishing from the previous administration,” Pernia said.
In the first quarter of the year, the Philippine economy grew by 6.8 percent. It grew by 6.7 percent in the second quarter of 2017.
The government targets the economy growing by 7.0 to 8.0 percent in 2018 to 2022. (GMA News)
