Diokno sees Q4 GDP at "neighborhood" of 7%
Budget Secretary Benjamin Diokno said on Wednesday that the economic growth for the fourth quarter of last year could be around seven percent.
The government is set to release the official gross domestic product growth for the fourth quarter of 2018 on Thursday, January 23.
"I will just repeat what (Socioeconomic Planning) Secretary (Ernesto) Pernia said. He is hoping that fourth quarter GDP will be at the neighborhood of seven percent," he said.
Diokno said if the GDP grew seven percent in the fourth quarter this would make the full-year economic expansion to about 6.5 percent.
"It will reach the lower end of our revised forecast of 6.5 to 6.9 percent...some are saying 6.8 (percent)," he said.
He said growth drivers for the fourth quarter are still government and consumer spending as well as the services sector.
With the projected GDP growth, he said the Philippines could still be considered as one of the fastest growing economies in the region.
Diokno said the Duterte administration is more optimistic of the economic growth for 2019 due to large infrastructure projects which are set to start this year and the conduct of the midterm elections in May.
"7-8 percent if very much attainable. As I said, big projects will take off this year and also we have an election year," he said, noting that during the election year, the economy usually grows by additional 0.5 to 1 percent over the normal.
Diokno also shrugged off the possible effect of the continuous trade war between the United States and China.
"We don't worry about the trade war. As you know, the net export sector is not that big...we're not that big on exports," he said. Celerina Monte/DMS
