Gov't confident of attaining growth target - Domingo

MANILA, Philippines - Despite the slow third quarter growth, government is confident that it can attain a full year 3.5 percent to four percent gross domestic product (GDP) growth, an economic manager said yesterday.

Speaking to reporters on the sidelines of yesterday’s SME (Small Medium Sized Enterprise) Summit at Eton, Trade Secretary Gregory L. Domingo said he is confident that the worse is over in terms of GDP growth.

In fact, Domingo stressed that the fourth quarter will be relatively better. “It (fourth quarter GDP) will be slightly better than the third quarter,”Domingo said. Thus, he said he is maintaining his earlier forecast of 3.5 percent to four percent growth in GDP.

However, Domingo did not give any projection on the inflation. Instead, Domingo assured the public that prices of goods especially the noche Buena products wont rise this holiday season. He said he has already received the commitment of the manufacturers and the grocery owners. In spite of this assurance, Domingo enjoined the public to do their Christmas shopping early because there may be some smaller stores that will increase their prices when the holiday is nearer due to supply and demand situation.

Earlier this week, Domingo has already told bakers to hold off any planned price increases in loaf bread and pan de sal until after the holiday season.

The Philippine Baking Group (Philbaking) has said that they will likely increase the price of loaf bread by P1 and pan de sal by P0.50 per 10 piece pack as price of their inputs like milk continue to go up.

“We agreed that there will be no increases this holiday season,” Domingo said in Filipino. As such, Domingo directed Undersecretary for Consumer Welfare Zenaida C. Maglaya to talk to the bakers regarding the planned increase.