Philippine President Rodrigo Duterte's government has given up on its goal ...
MANILA - Philippine President Rodrigo Duterte’s government has given up on its goal to expand the economy by as much as 8.0% in the medium-term due to rising uncertainties, including the U.S.-Sino trade tensions.
“We are going to be affected adversely by the trade war which will affect global growth,” Economic Planning Secretary Ernesto Pernia told Reuters. “It is not only the Philippines that is down scaling the targets.” Gross domestic product in July-September grew 6.2% from last year, exceeding the prior quarter’s 5.5% growth, increasing the country’s chances of meeting at least the bottom-end of this year’s revised growth goal.
Export growth projections for this year and 2020 were cut to 1.0% and 4.0%, respectively, from the previous 2.0% and 6.0% due to the prolonged trade dispute. The government kept the export growth projection for 2021 and 2022 at 6.0%.
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