Faster economic growth not possible sans new power investments: official

MANILA, Philippines (Xinhua) - A growing economy by 8 percent would be difficult without new investments in the power sector, a senior government official said today.

Socioeconomic Planning Secretary Arsenio M. Balisacan said that while the country's power supply is sufficient to cover its needs until next year, more investments are needed to ensure that the Philippines' power requirements beyond 2015 are met.

"The number one binding constraint in achieving 8 to 10 percent economic growth is power. While the government is already addressing this, we have to invest much more," said Balisacan.

"We have enough (power) up to 2015 but not enough to really make you comfortable because the reserve is still thin," he added.

Balisacan said ensuring power supply is key to sustaining the growth of the manufacturing sector which can generate more jobs.

Last year, the country's gross domestic product (GDP) growth reached 7.2 percent despite the series of calamities that struck the Philippines. The Philippine Statistics Authority said the services and industry sectors boosted the country's economy.

This year, the government is targeting to grow GDP by 6.5 to 7. 5 percent.