Slew of PH economic data out this week

Posted at 01/29/2013 9:41 AM | Updated as of 01/29/2013 9:48 AM

MANILA, Philippines - A slew of economic data is due out this week and the next dictating the pace at which 2013 will pan out.

Fourth quarter GDP data will be released on Thursday, and Moody's research arm is betting on 6.5% growth in line with the first nine months and government's estimate.

"The fourth quarter will be strong, though a little slower than the September stanza," Moody's said.

Moody's said industrial production and trade should yield another quarter of solid growth from the third quarter's surprising 7.1%.

It also says the economy is also lifted by remittances that boost consumer spending.

Despite strong growth, the Bangko Sentral says inflation remained in check.

BSP Governor Amando Tetangco says inflation in January likely settled at 2.5% TO 3.4% . The high end being faster than December's 2.9% because the estimate reflects the impact of higher tax rates on cigarettes and alcohol, as well as more expensive power and water.

Tetangco, however, says lower oil prices because of a strong peso should offset the price spirals. Official inflation data will be announced on February 5.

Meanwhile, Internal Revenue commissioner Kim Henares says she wants to raise the tax collection from large taxpayers by 14% this year.

That's P768 billion or nearly two thirds of the P1.2 trillion revenue target of the agency this year.

It is still modest compared with Finance Secretary Cesar Purisima's goal for it to make up 80% of the total.

Large taxpayers group includes the country's top 1,300 corporations, mostly multinationals and listed on the exchange.