Philippines says still possible to exceed 6-7 per cent growth goal this year

PHOTO: Philippines says still possible to exceed 6-7 per cent growth goal this year

MANILA - Philippine economic growth could still exceed this year's 6-7 per cent goal despite damage from super typhoon Haiyan, a senior government official said on Monday.

"Exceeding the upper limit (of the growth target) is still doable," economic planning chief Arsenio Balisacan told Reuters.

Balisacan said the government was still assessing the impact of the typhoon on the economy, particularly on the production sector and therefore he wasn't able to give a damage estimate at the moment.

Annual growth in the first half of the year was 7.6 per cent, and Balisacan said earlier growth in the third quarter will likely reach more than 7 per cent on strong spending and an increase in investments.