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China's lower GDP target not to hurt Philippine economy: C. Bank

(Xinhua)

16:37, March 06, 2012

MANILA, March 6 (Xinhua) -- The Philippines' Central Bank downplayed on Tuesday any significant impact on the local economy by China's decision to cut growth target to 7.5 percent this year.

Central Bank governor Amando Tetangco Jr. said that many have already anticipated that China would slash its growth target from a long standing annual goal of 8 percent.

"Now it's possible that this year, while the growth projection has been downscaled, they can still beat that target. If that's the case, then there won't be any significant impact given that it has been the expectation by many that there will be some deceleration in the economic growth in China," he said, adding that the 7.5 percent economic expansion was still "very respectable."

While the financial markets were affected on China's announcement, Tetangco expressed belief that the effect would be temporary.

"That impact on the financial markets of the slower growth target is temporary and once that has been absorbed, I think the markets would realize that that is still significant growth for huge economy like China at this time," he explained.

Ruperto Majuca, assistant director-general of the National Economic Development Office for Planning of the National Economic Development Authority (NEDA), said that since last year, the government has already anticipated China's economic slowdown.

"We are anticipating that they will slowdown as they rebalance their economy, making it more consumption-based rather than investment-based, get more imports and reduced their exports," he said.

Because of the increase in imports by China, he said it could be an opportunity for Philippine-based exporters to take advantage of.

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