{"id":18542,"date":"2024-05-01T03:10:11","date_gmt":"2024-05-01T03:10:11","guid":{"rendered":"https:\/\/energybuzz.ph\/staging\/6915\/q1-gdp-likely-grew-by-5-8-6-3-says-recto\/"},"modified":"2024-05-01T03:10:11","modified_gmt":"2024-05-01T03:10:11","slug":"q1-gdp-likely-grew-by-5-8-6-3-says-recto","status":"publish","type":"post","link":"https:\/\/energybuzz.ph\/staging\/6915\/q1-gdp-likely-grew-by-5-8-6-3-says-recto\/","title":{"rendered":"Q1 GDP likely grew by 5.8-6.3%, says Recto"},"content":{"rendered":"
\n

PHILIPPINE ECONOMIC GROWTH in the <\/span>f<\/span>irst quarter <\/span>could have settled between 5.8% and 6.3%, Finance Secretary Ralph G. Recto said.<\/p>\n

\u201cAnything higher than 5.5% is a win because last year we grew by 5.5%. If we grew by 5.8%, that\u2019s good enough. That should be one of the highest in the region, if not one of the highest in the world,\u201d he told reporters late on Monday.<\/p>\n

Gross domestic product (GDP) expanded by 5.5% in 2023. For 2024, the government is targeting 6-7% GDP growth.<\/p>\n

\u201cThe target is 6%, but because I\u2019m realistic, it seems (f<\/span>irst-quarter GDP) may be closer to 5.8%. But there is still hope that we hit the 6% target,\u201d Mr. Recto said in mixed English and Filipino.<\/p>\n

\u201cIf we get lucky, we could even get 6.3%, that depends on inf<\/span>lation. All of those into account, (we forecast) 5.8% to 6.3%.\u201d<\/p>\n

The lower end of Mr. Recto\u2019s forecast would be faster than the 5.5% growth in the fourth quarter, but slower than the 6.4% expansion in the f<\/span>irst quarter of 2023.<\/p>\n

\u201cIn the f<\/span>irst quarter last year, growth was high, so we\u2019re starting from a high base. Put that in perspective. If we can achieve 5.8%, that\u2019s good,\u201d he added.<\/p>\n

The Philippine Statistics Authority (PSA) is set to release f<\/span>irst-quarter GDP data on May 9.<\/p>\n

Meanwhile, the Finance chief said that inf<\/span>lation is still the \u201cbiggest worry.\u201d<\/p>\n

\u201cIf we can reduce inf<\/span>lation, GDP growth will be higher. So, we\u2019re looking at that,\u201d Mr. Recto said.<\/p>\n

The Bangko Sentral ng Pilipinas (BSP) expects inf<\/span>lation to settle within the 3.5%-to-4.3% range in April. Headline inf<\/span>lation accelerated for a second straight month to 3.7% in March.<\/p>\n

Mr. Recto said inf<\/span>lation will likely breach the BSP\u2019s 2-4% target range in the coming months.<\/p>\n

\u201cThat\u2019s always been expected, maybe in the second or third quarter, according to the BSP. But within the year, we expect that it will still be within the range of 2-4%,\u201d he said.<\/p>\n

The BSP earlier cautioned that inf<\/span>lation may temporarily overshoot the 2-4% target band over the next two quarters.<\/p>\n

The central bank expects inf<\/span>lation to average 3.8% this year.<\/p>\n

Mr. Recto said that economic managers are working on initiatives to manage inf<\/span>lation.<\/p>\n

The Inter-Agency Committee on Inflation and Market Outlook met last week to discuss strategies to tame inf<\/span>lation such as boosting agricultural productivity, expediting the issuance of African Swine Fever vaccines and combatting anti-competitive practices, among others.<\/p>\n

President Ferdinand R. Marcos, Jr. also recently signed an order that seeks to ease the importation process of agricultural products and remove non-tarif<\/span>f barriers. \u2014 Luisa Maria Jacinta C. Jocson<\/b><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

PHILIPPINE ECONOMIC GROWTH in the first quarter could have settled between 5.8% and 6.3%, Finance Secretary Ralph G. Recto said. \u201cAnything higher than 5.5% is a win because last year we grew by 5.5%. If we grew by 5.8%, that\u2019s good enough. That should be one of the highest in the region, if not one [\u2026]<\/div>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","footnotes":""},"categories":[1],"tags":[17639,14644,11604,16662,252,14983,192],"class_list":["post-18542","post","type-post","status-publish","format-standard","hentry","category-uncategorized","tag-5-8-6-3","tag-bworldonline","tag-gdp","tag-grew","tag-likely","tag-recto","tag-says"],"yoast_head":"\nQ1 GDP likely grew by 5.8-6.3%, says Recto - Energy Buzz<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/energybuzz.ph\/q1-gdp-likely-grew-by-5-8-6-3-says-recto\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Q1 GDP likely grew by 5.8-6.3%, says Recto - Energy Buzz\" \/>\n<meta property=\"og:description\" content=\"PHILIPPINE ECONOMIC GROWTH in the first quarter could have settled between 5.8% and 6.3%, Finance Secretary Ralph G. Recto said. \u201cAnything higher than 5.5% is a win because last year we grew by 5.5%. If we grew by 5.8%, that\u2019s good enough. 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