NEDA chief says Q1 GDP likely grew by 7%

The Philippine economy likely grew by as much as 7 percent in the first quarter of the year, Socioeconomic Planning Secretary Ernesto M. Pernia said Tuesday.

"I think there are signs that in the first quarter, we're going to hit close to the mid-range of this growth target, around 7 percent," he said in a keynote speech during the Dutertenomics Forum in Pasay City.

The government is targeting to grow the economy by 6.5 to 7.5 percent this year, according to the Development Budget Coordination Committee.

"We expect agriculture to perform better this year. The construction industry will be a major driver, as well as the influx of tourists," Pernia said.

The economy grew by 6.6 percent in the fourth quarter of last year and 6.9 percent in the first quarter of 2016.

The Philippines plans to spend P8.2 trillion on the country’s golden age of infrastructure over the next six years, with P860.7 billion allocated for large-scale projects this year. — VDS, GMA News