The Philippine economy likely grew between 1.8 percent and 2.8 percent in the first three months of the year, according to Socioeconomic Planning Secretary Ralph Recto.

In an interview with reporters Thursday, he said the agricultural sector may have expanded from 1.5 to 2.1 percent in January to March 2009. Industry and services, meanwhile, may have grown by 0.1 to 1.5 percent and 3 to 4 percent, respectively.

For the full year, Recto said the government remains confident of hitting its target of 3.1 to 4.1 percent.

"We are confident of these numbers," he noted, adding that second-quarter growth will be better than the forecast for the first three months due to easing inflation.

Citing information from Recto early this month, Finance Secretary Margarito Teves said the local economy, as measured by the country's gross domestic product (GDP), likely grew by 2 to 3 percent from a year earlier. First quarter growth data will be announced next Thursday, May 28.

International financial institutions have had nothing but bleak forecasts for the Philippines' economic output this year, led by a zero growth projection by the International Monetary Fund from its previous 2.25-percent estimate.
 
London-based Fitch Ratings has also cut its economic growth forecast for the country to only 0.1 percent from 0.5 percent, while the World Bank has projected a dismal growth this year at 1.9 percent. The Asian Development Bank, meanwhile, had a more optimistic outlook for the Philippines with a GDP growth of 2.5 percent.
 
Still, all the projections were a far cry from the government's target range of 3.1 to 4.1 percent for 2009. With Reuters