PHL GDP likely fared better in Q3 than Q2, says NEDA

The Philippine gross domestic product (GDP) likely fared better in the third quarter than the 3.4-percent growth posted in the second quarter, the National Economic Development Authority said Tuesday. “Third quarter (growth) is better than in the second quarter," Paderanga told reporters on the sidelines of a budget hearing at the Senate yesterday. He did not elaborate. For 2011, the economy will likely stay within the official forecast of 4.5 percent to 5.5 percent, said Socioeconomic Planning Secretary Cayetano Paderanga Jr., noting growth will at least be at the lower end. “The 4.5 percent is still achievable... The way the trend has been going once you put it all together, we’re still hopeful, we’ll get to the area," Paderanga said. Government spending is paying off, and foreign exchange remittances from overseas Filipino workers continue to help boost the economy, he said. Government already released P43.4 billion or 60.22 percent of its P72.11 billion economic acceleration fund, according to the Department of Budget and Management. The GDP, or the goods and services produced by a country in a given period. — VS, GMA News