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Despite high inflation of 7.7 percent in October, the National Economic and Development Authority (NEDA) expressed confidence that the 6.5 to 7.5 target growth for 2022 will be attained.

During the "Laging Handa" public briefing, Undersecretary Rosemarie Edillon of National Economic and Development Authority (NEDA) said: ''We know that there are headwinds going into fourth quarter but we are really confident.''

''Because the year-to-date, the first three quarter growth is already 7.7 percent. So, if we can hit the 3.3 (percent) in the fourth quarter we can meet the lower bound of the 6.5 (percent) to 7.5 (percent)," she added.

"Traffic is now being experienced, so the demand for economic activity is still vibrant. So we think we will be able to surpass this 3.3 lower bound," she added.

Edillon said the government is creating the Philippine Development Plan to sustain economic recovery.

"For now the immediate need is to continue to relax the restrictions and ensure food security for the purchasing power of our consumers," he said.

"With respect to the government, it’s really about digital transformation making government processes more efficient to encourage the investors to come to the Philippines. Even in the social sector we already prepare the interventions that we are going to do starting next year," he added.

However, Edillon noted that the effect of Severe Tropical Storm ''Paeng'' posed a challenge for fourth quarter growth.

"Big factor of the October inflation is really the (Super) Typhoon 'Karding' in late September; this November our big challenge is also (Severe Tropical Storm) Paeng. Again, it's late October but we expect that its impact will linger until the first two weeks of November. But we hope that the assistance programs will be implemented especially in the agricultural sector," she said. Robina Asido/DMS