Growth targets feasible amid disaster - Palace

Posted at 08/12/12 3:08 PM

MANILA, Philippines -- The government remains confident that growth targets will be achieved this year amid the devastation left by the heavy rains and floods last week.

Deputy presidential spokesperson Abigail Valte, in a text message, told reporters: “The Department of Agriculture (DA) continues to make an assessment of the damage sustained but the Philippines remains confident that it will be able to reach its targets. The DA has taken steps to extend assistance to farmers affected by the monsoon."

Economic managers is a targeting a high-end growth of 6% for this year due to investors’ confidence and increased public spending.

The National Disaster Risk Reduction and Management Council said on Sunday that the cost of damage to infrastructure is now over P585 million, while the damage to agriculture is more than P19 million.