NEDA deputy director general Gilberto Llanto disclosed yesterday the government’s growth projections for the second half of the year during the Arroyo administration's mid-year economic briefing.
Llanto said the services sector was expected to grow between 4.8 to 5.8 percent, after growing by 5.3 percent during the first half of 2002. On the other hand, the industry sector was projected to grow between 3.8 to 4.5 percent, up from its first semester growth of only 2.9 percent.
However, the projections for the agriculture sector were more volatile, with growth expected to be anywhere within a wide range of to to 3.8 percent. The actual growth rate would depend on how the sector would fare under the onslaught of the El Nino weather phenomenon expected to hit during the third quarter of the year.
By yearend, Llanto said the GDP was expected to be within the target range of four to 4.5 percent, with the agriculture sector growing between 2.7 and 3.6 percent; the industry sector growing between 3.3 and 3.7 percent and the services sector growing between five and 5.5 percent.
NEDA said it was sticking to the scaled-down growth targets for 2003 which effectively lowered the GDP growth projections to five to 5.5 percent from the original 5.5 to six percent estimate.
On the other hand, the budget was revised upwards from the original P780 billion to P800.7 billion as the Arroyo administration approved increases in its budget for the police, the military and the judicial department.
Finance Secretary Jose Isidro Camacho said the Development Budget Coordinating Council (DBCC) approved the budget that was consisted with President’s "strong Republic" that he said would be geared towards fighting graft and corruption and terrorism.