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Budget chief upbeat on 2012 growth

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This year’s 5-6% economic growth target can be achieved, a Cabinet official said, brushing aside last year’s disappointing 3.7% uptick.
“I am very confident about growth this year. There will be a much-improved growth scenario, especially in the first half,” Budget Secretary Florencio B. Abad said in a telephone interview last week.
Among the growth drivers will be robust remittances from overseas Filipino workers and receipts from an expanding business process outsourcing industry, he claimed, adding that the tourism and agriculture sectors will also be “revitalized” as the government invests in these priority areas.
“Investor sentiment is also very positive, and the country is a favorite among fund managers,” Mr. Abad said.
Accelerated infrastructure development will also be a lynchpin as the government puts its underspending days behind it.
“It already began in the fourth quarter of last year after we pushed the Disbursement Acceleration Plan (DAP). We thought it would lift growth for that period, but the multiplier effect took some time,” Mr. Abad claimed.
The DAP -- an P85-billion “stimulus” package -- was not enough to lift economic growth, which eased to 3.7% in 2011, missing the forecast of 4.5-5.5% and slowing substantially from 2010’s record 7.3%.
“While the DAP did not affect growth in the fourth quarter, it is very clear it did manage to drive spending,” Mr. Abad said.
The government doubled its January-to-November fiscal deficit of only P96.254 billion to an estimated P191.6 billion by the year’s end. Specifically, infrastructure spending jumped to P87.1 billion in the fourth quarter, topping the P86.1 billion spent in the first three quarters last year.
“We will continue what we did in the fourth quarter of 2011. You will see a surge this year, most probably in the latter part of the first quarter and the greater part of the second quarter,” Mr. Abad said.
The Budget chief likewise downplayed last year’s economic slowdown.
“The 2011 numbers suffered from a base effect since we posted a record 7.3% growth in 2010 -- unusual because of the elections and the global recovery after the financial crisis when we grew only 1.1%,” he said.
Growth also dampened by a fresh global downturn as the United States, Europe, Japan and China battled economic woes, Mr. Abad added.
“So, when we accelerated growth in the fourth quarter, when it should have made an impact, it didn’t because we had a global crisis.”

[dwarfy]

thanks sir MK!
ang old gamit kay convenient man gud sa PSEGet.hehe

[MK]

Budget chief upbeat on 2012 growth

I hope di lang ma worsen ang situation sa middle east...nya EU debt woe ma under control pud...

[MK]

I'm seeing divergence on SECB indicators (macd?, sto, rsi)...time to sell or scale down? murag 119/120 near term upside lang ni?....

"EDC to control 70% of Chile, Peru projects"
May be this is good news for EDC over the long term...but 2012 earning forecast?...looks like still not good.
Short term trade may be in the play for technical bounce as it's currently at oversold level...below 30RSI, near 20Stoch...
http://www.bworld.com.ph/content.php...jects&id=46176

MBT earning announcement soon may possibly push the stock price a bit higher? Currently, found resistance at 81.5...

PCOR volume getting thinner...exhaustion? may be...support at 11.5..can this go down any further?



caveat caveat

[istoryamember]

hopefully this news will push CPG's price up

http://www.bworldonline.com/content....nding&id=46240

[neshem]

well see if Makaya ang previous high..

[MK]

banks going strong yes!
sold half of SECB at 120.5 niabot man d i 122.....cge lang
holding MBT...getting closer to my initial tp ...
and PGOLD!

[MK]

murag way hangin ang ligid sa ubng miner.....maayo pa ORE.

and FDC crawled up again...around 11% up since my entry...
nakaposition na daan basi mapisikan sa EWB IPO

[istoryamember]

murag karon pa ko kakita nga nilupad ang mbt ug 6% go MBT!

@MK, nilapas na sa imong TP ang mbt bro?

[MK]

murag karon pa ko kakita nga nilupad ang mbt ug 6% go MBT!

@MK, nilapas na sa imong TP ang mbt bro?

earning season bro hehe
zzzz na hit ang Good-Till-Week nga 84....
Running half to wherever this go...tight stop-loss lang para di alkanse haha