Philippine government upgrades growth targets for 2007

The Philippine government on Friday upgraded its economic growth projections for 2007, expecting a strong influx of investments.

The Development Budget Coordination Committee (DBCC), which sets the government's economic targets, now expects gross domestic product (GDP) to increase by 6.1-6.7 percent this year, from its original goal of between 5.7 and 6.5 percent.

The DBCC also now projects the gross national product (GNP) to between 6.2 and 7.1 percent, from its original target of between 6 and 6.9 percent.

GNP is GDP plus net factor income from abroad, which is comprised of income from offshore investments and remittances from overseas Filipino workers.

The committee said the revisions reflected increased optimism over the country's economic growth prospects this year, which would be spurred by increasing investor confidence based on the country's continuing fiscal consolidation.

The DBCC is comprised of the heads of the Department of Budget and Management, Department of Finance, the Central Bank, and the National Economic and Development Authority.

Source: Xinhua