BPI sees GDP growth below government target
MANILA, Philippines — The government is urged to boost spending this year to be able to hit its gross domestic product (GDP) target.
BPI chief economist Jun Neri told reporters they are forecasting GDP growth to hit 6.8 percent this year, lower than the government’s 7-8 percent forecast for this year.
“We do not deviate significantly from the outlook of the market. Close to seven percent growth again this year,” Neri said.
“That will be a huge challenge for the government. Last year, we were a little bit lucky about exports,” Neri added.
Last year, the country’s GDP grew 6.7 percent, which was at the lower end of the 6.5 to 7.5 percent target.
In the same year, the country’s trade deficit reached a record high of $29.8 billion, from $26.7 billion a year ago.
Meanwhile, Neri said the peso is expected to depreciate by three to four percent this year until 2021.
Last year, the peso depreciated from 46 to 51.67 against the dollar.
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