The Philippine government said on Wednesday that it is not revising its 5-percent growth target for the year, even with the move of the International Monetary Fund to join other institutions that have cut their growth forecast for the Philippines lower than government expectations.
Asked if the government will consider revising its target, following the new IMF growth forecast for the Philippines of 4.7 percent, presidential spokesman Edwin Lacierda said that the economic managers have not yet given any word on this possibility.
"We will do what we have to do. Insofar as those figures are concerned, as far as I know, they have not made any decision yet to revise their numbers," Lacierda said.
He said that the government will continue to strive for a five percent growth this yearthe assumption in the 2011 budget "as best, as ready as we will ever be."
Earlier, the Hong Kong Shanghai Banking Corporation lowered its Philippine economic growth forecast to 4.3 percent from 5.2 percent, citing lower-than-expected output in the second quarter.
The Asian Development Bank had also cut its growth outlook for the Philippines to 4.7 percent from five percent.