Pernia ”not surprised” with World Bank’s lower growth revision for 2018, 2019

December 21, 2018

Socioeconomic Planning Secretary Ernesto Pernia on Friday said he is not surprised with the World Bank's revised forecast showing lower growth for the Philippine economy in 2018 and 2019.

  "It's always like that so I'm not surprised," Pernia said in an ambush interview during the launching of a book on agriculture in Ortigas, Pasig City.

  The World Bank released their second growth forecast revision from 6.5 percent for 2018 and 6.7 percent for 2019 last October, to 6.4 percent in 2018 and 6.5 percent in 2019.

  Pernia said it is possible for the country to hit the 6.4 percent target full-year growth.

  "I think so. Inflation slowed down and (we have) a lot of spending on non-food items," he said.

  For 2019, Pernia said the economy will be better and can be close to 7 percent as the administration's "Build, Build, Build" project will be at the "high-level of intensity". 

  The World Bank released their revised forecast after the economy grew at a slower pace in the third quarter at 6.1 percent compared to 7 percent same quarter last year and revised 6.2 last quarter.

  Philippine economic managers revised their full-year growth target from 7 to 8 percent down to 6.5 to 6.9 percent. Ella Dionisio/DMS