ECONOMIC growth will likely improve in the last three months of the year due to robust spending and stable prices, a Cabinet official said on Friday.
'We remain optimistic about the fourth-quarter economic performance,' Socioeconomic Planning Secretary Arsenio Balisacan told reporters.'Holiday spending, more stable commodity prices and a robust remittance inflow and labor market give us confidence that our 6.0 to 7.0 percent growth target is still achievable.'Gross domestic product growth markedly slowed in the third quarter, to 5.2 percent from 6.4 percent three months earlier, putting the 2024 target at risk.
Continuous monitoring is still needed, however, particularly with regard to rice — 'the main driver of inflation' — for which prices remain high.Consumer price growth rose to 2.3 percent in October, up from 1.9 percent a month earlier, but still within the 2.0- to 4.0-percent target.Within-target inflation has allowed the Bangko Sentral ng Pilipinas to lower key interest rates twice so far this year. It is widely expected to cap the year with another rate cut next month.
Expects GDP Goal To Be Met Via Q4 Growth Gain
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