Source: Malaya, 9 January 2012
Trade Secretary Gregory Domingo is bullish that the economy can grow faster this year than the 7.6-percent growth posted in 2010.
“All pistols will be fired. All the right ingredients,” said Domingo, adding this year is “definitely much stronger (than) 2011.”
“There’s a very good chance we can grow above 6 percent and a decent chance growth we can exceed 2010’s 7.6 percent, “Domingo said.
Last year’s growth rate was estimated to be at a low range of 3.5 percent to 3.7 percent due to the low base for exports.
Domingo said electronics would not be negative this year while traditional non-electronics exports will continue with their strong growth performance.
Services and tourism would also push growth.
Domingo said economic stimulus would also come from government spending, which is now back on track.
“The public private partnership (PPP) projects would pick up speed,” Domingo said.
Pipeline investments are also rosy, both domestic and foreign, a lot of them in electronics such as the one planned by Brothers; one in bioethanol; and tourism, whose growth will be spurred by the new campaign “It’s more fun in the Philippines,” among others.
Domingo also sees a lot of projects from Japan, some of which are relocation from that country.
“There is a strong momentum,” Domingo said as he discounted the impact of the impeachment proceedings of Supreme Court Chief Justice Corona on the country’s political stability.
Domingo said there are threats hovering such as the continued weakness of the US and EU economies and a possible slower growth in China.
