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Originally Posted by RonnieR
(Post 97793115)
The statement of Sec. Domingo struck me...if the figure on FDI is indeed understated, then why didn't Central Bank adjust the figure to reflect the US$8 Billion FDI instead of US$1.2B???
GDP Growth Still Understated Domingo By BERNIE CAHILES-MAGKILAT November 28, 2012, 5:51pm Trade and Industry Secretary Gregory L. Domingo, who earlier projected of a 7 percent or above 2012 GDP growth this year, said the countrys GDP growth has been understated saying majority of the FDIs (foreign direct investments) that have been poured into new projects of foreign investors have not been fully captured. Domingo said this as the countrys GDP continued to bring surprises with a 7.1 percent growth in the third quarter this year. Domingo said that GDP should be at 8 percent for this year if only the entire FDI inflows have been captured. He noted that only $1.2 billion of FDIs out of $8 billion have been formally reported to the Bangko Sentral ng Pilipinas. The BSP has a hard time getting the total FDI inflows following the relaxation of the countrys foreign exchange laws. Domingo even tried to track the FDIs of at least five major investors in the country and found out these have not been reported. The FDI report is based on the results of a BSP survey, which has only 20 percent respondents. Because of this situation, he said, overall GDP growth this year, based on the growths in the past three quarters, is likely to end up at 6.5 percent. But next year, Domingo said, should be 7 percent and above already. http://www.mb.com.ph/articles/383522...o#.ULbQxmd32So |