GDP growth in 2011 should be about 4.5 to 5.5%, slightly below last year's targets, well below the 7 to 8% growth projected by the government last year. Final figures for 2011 will be released by the end of this month.
The government intends to meet the 5 to 6% target for 2012 with increased government spending and the full implementation of the Aquino Administration's public-private partnership (PPP) program. The government is also counting on sound macro-economic fundamentals in the Philippines playing a major role in helping the country survive the global economic slowdown and the debt crisis in Europe.
The World Bank has cautioned that higher GDP growth in 2012 will require an improvement in exports, acceleration of public-private partnership projects and private sector investment, and a full recovery of public spending.