The National Economic and Development Authority (NEDA) expects to exceed the country's economic growth target this year despite the absence of election-related spending in the second half of the year.
"The chances [of achieving the target] are better now because we have a growth rate of close to 8 percent in the first half and if we grow even at a slower rate, a slightly lower rate (in the second half, we can probably do more than 6 percent for the whole year)," Socioeconomic Planning Secretary Cayetano Paderanga told reporters.
The Aquino administration is targeting a gross domestic production (GDP) of between five to six percent this year.
GDP is the total value of goods and services produced in a country in a year.
"The momentum is still there although we don't have election spending, but we hope [exports] will not slowdown that much," Paderanga said.
He added that agriculture, which account for about 20 percent of the economy, is expected to recover in the second half.
"Although we got hit in the first and second quarters, the cycle is not that long and we can recover faster," Paderanga said.
Agriculture output fell 2.18 percent in the first half of the year because of dry weather caused by El Niño.
"We're also hoping that when we put in our investment plans the private sector will also start moving," the NEDA chief added.
The economy, as measured by the GDP, grew by 7.9 percent in the first six months of the year compared to the 0.9 percent in the same period last year.
This was the highest semestral growth since 1998 at 9.3 percent.
The National Statistical Coordination Board (NSCB) earlier said the economy may slowdown in the third quarter because the composite leading economic index (LEI) is projected to rise at a pace not as remarkable as in the first two quarters of the year.
The NSCB said LEI recorded a negative 0.0371 from July to September compared to a revised negative 0.0902 in the second quarter.
Paderanga, however, admitted that next year's growth "will be a little more difficult because we will now be on a higher base." - pna
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