Rice tariff cuts could boost Philippine GDP growth, analyst says
MANILA, Philippines — The impending rice tariff cut could boost the Philippines’ GDP growth by 1.4 percentage points this year, slightly above the government’s target, according to HSBC Asean economist Aris Dacanay. Speaking at a round table at the Shangri-La Hotel in Taguig City, Dacanay noted that their 2024 GDP growth projection is 5.8 percent, while the Marcos administration’s revised target range is 6 to 7 percent.
MANILA, Philippines — The impending cut in rice tariffs this year could boost the country’s economic growth slightly above the government’s target, an analyst at British banking giant Hongkong and Shanghai Banking Corp (HSBC) said on Monday.
HSBC Asean economist Aris Dacanay said that under the best-case scenario, the tariff cut would add 1.4 percentage points to the Philippines’ gross domestic product (GDP), or the sum of all goods and services produced within the country, this year.
“If all the freed-up household savings go to buys goods that are domestically produced and all of them are spent, nothing is saved, then the potential, the highest, the maximum growth it could deliver is 1.4 percent,” Dacanay said during a round table discussion at the Shangri-La Hotel at the Fort in Taguig City.
Dacanay said that their GDP growth projection for 2024 is 5.8 percent. The Marcos administration’s revised target range is 6 percent to 7 percent.
Source Link: https://business.inquirer.net/462760/rice-tariff-cuts-could-boost-gdp-growth-analyst-says
Recommended for you
