The Aquino administration sees continuing economic growth in the second quarter as a result of bullish agriculture sector and enhanced business activities due to accelerated government spending, a Palace official said.
“Is there reason for us to be optimistic about second quarter growth? Yes. Number one, ‘pag tiningnan n’yo po ‘yung agriculture output in the first quarter, it grew by about one percent net. I am told by (Agriculture) Secretary Procy Alcala that the second quarter figures are most likely going to be higher than that,” said Secretary Ramon Carandang of the Presidential Communications Development and Strategic Planning Office (PCDSPO) in a media briefing in Malacanang on Tuesday.
“The government expenditures which we began to accelerate in December continue to accelerate even into the second quarter. So the same factors that led to the growth in the first quarter seem to be present and perhaps even more in the second quarter, which is where we’re seeing some confidence that the second quarter growth could be stronger,” he added.
President Benigno S. Aquino III!, during an interview by Reuters this week, said he expects the country’s gross domestic product (GDP) in the second quarter to surpass the first quarter.
Asked by reporters if they’ll be surprised if the GDP growth hits seven percent this year, Carandang said they are going to stick to five to six percent target for the whole year.
The global economic environment is gloomy at this time, Carandang said, resulting to a slower growth in the country.