Philippine economic managers raised GDP growth forecast this year to 5 to 6 percent on back of strong consumption.
In a text message sent to reporters Tuesday, Acting Socioeconomic Planning Secretary Augusto B. Santos said " investments and consumption will be the main drivers of growth."
Santos sent the message shortly afte attending the Cabinet- level Development Budget Coordination Committee (DBCC).
The DBCC has likewise revised this year's fiscal deficit forecast to hit 3.6 percent of the country's GDP. The earlier estimate is a range of 2.6 percent to 3.6 percent.
The original growth forecast for this year was pegged at 2.6 to 3.6 percent. But the stronger than expected 7.3 percent growth in the first quarter, thanks to election spending, prompted the DBCC to raise this year's GDP forecast.