Gov't 8-9% Growth Targets Unrealistic

Mixed signals are coming from the government but there seems to be no doubt that it will be aiming to lift growth levels even higher in the years to come if it remains in office after the May elections. Joey Salceda, the new chief of staff of President Gloria Macapagal Arroyo, stated that the Philippines could see growth of 7% this year, a level not reached since the 1970s. Moreover, Salceda stated that the government was aiming to lift GDP growth further to 8% in 2008 and 9% in 2009. His comments were, however, denied by Finance Minister Margarito Teves, who claimed that such a plan had not been discussed within the economics team.

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