Economic managers are positive that the government will be able to achieve its 0.8-1.8 growth target this year as the second quarter figure exceeded expectations after it reached 1.5 percent.

The government announced today the domestic economy’s output, as measured by gross domestic product (GDP), is higher than the –0.1 to 0.9 percent forecast of the National Economic and Development Authority (NEDA).

The latest growth rate is, however, lower than last years actual growth of 4.2 percent.

Finance Secretary Margarito Teves, in a statement, said the growth in the second quarter this year is “indeed (a) welcome news and vouches for the resilience of the Philippine economics.’

“The combination of fiscal and monetary stimulus programs enabled us to achieve growth amidst an immensely challenging economic environment,” he said.

The finance chief said they “remain focused on attaining our goal of maintaining economic growth this year by ensuring that the government has the resources to fund its programs and projects.”

“We need the continued support of our citizenry to be able to achieve this,” he added.

Also, Budget and Management Secretary Rolando Andaya Jr. said the second quarter output “confirms that the Philippines is one of few countries across the globe that has ducked recession.”

He noted that “the positive second quarter growth shows that our fiscal stimulus program is indeed working.”

He was referring to the P330 billion economic resiliency program (ERP) of the Philippine government implemented to hinder the impact of the global downturn in hurting growth of the domestic economy.

He stressed that they “will work even harder with various implementing agencies for the smooth implementation of quick gestating projects to support economic growth in the second half.”

“With early signs of recovery in the world’s major economies, we are now more confident that our 2009 GDP growth projection of 0.8 to 1.8 percent is within reach,” he added.

Relatively, Agriculture Secretary Arthur Yap said resiliency of the country’s agriculture area also proved itself in the second quarter this year “despite the changing vagaries of the weather brought upon by climate change.”

Yap said this transpired due to “focused spending on infrastructure.’

“Economic and fiscal reforms enacted prior to the crisis are bearing fruits, making growth in production and increases in rural incomes possible,” he said.

Yap added that they will continue to implement the Fertilizer, Irrigation and other rural infrastructure, Extension work, Loans, Dryers and other post-harvest facilities, and Seeds (FIELDS) program “to ensure continued growth for the sector and the economy in the rest of quarters of the year.”

The said DA program is the government’s measure to increase rice production in the country.

Also, Trade and Industry Secretary Peter Favila said the country “remains as one (of) the few Asian economies that continues to evade recession.”

He attributed this “respectable performance” to the “sound macroeconomic management under very trying times.”

“With this positive news, we are confident that the target GDP growth of a least 0.8 percent is within reach,” he added.

NEDA and the National Statistics Coordination Board (NSCB) said drivers of growth from May to June this year are the construction and mining and quarrying sectors.The agencies said money sent from Overseas Filipinos (OFs) also helped boost the growth.

Relatively, gross national product (GNP), or the total value of all final goods and services generated in a nation in a given time, also went up to 4.4 percent in the same period from 3.1 percent in the previous quarter but lower than last year’s 5.3 percent.

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Deutche Bank AG’s is apparently having a meeting on July 28th to discuss a very sensitive subject that has recently been broadcast across world news. Clemens Boersig who is one of the leading representatives of the company has been accused of leaking sensitive data and violating other important areas of company policy.

A review into what actually happened will be published next week and several high members of the board will be suspended until further notice.

It is not yet confirmed what areas have been breached however the matter is being dealt with in the upmost secrecy and seriousness.

Deutche Bank last week accused “questionable activities” on private detectives which were using various spy shop equipment and vehicle tracking on several members of the board in order to uncover some of the mysterious activity going on in the company.

Initially, the Deutche Bank had claimed that it was not aware of any members of the senior management performing illegal activities that raised any sort of legal issues what so ever. It is a hard situation for Deutche Bank as the recent news that they have been spying on workers and board members alike strikes a nerve in a country which are still coming to terms with its past, where spying on citizens across the country was common place in the communist East Germany.
Looks like the Deutche Bank has been raiding the local spy shop as one incident of spying on a troublesome shareholder “originated” from a conversation between Boersig and the global head of investor relations. Firstly, the bank claims that they are not spying on their employees and then they admit that they have since taken evidence from a recorded conversation from earlier in the month.
In an effort to try and clean up how the German bank operates its internal securities they have beefed up controls and have taken this investigation very seriously.