MANILA, Philippines — A very bullish Trade and Industry Secretary Gregory L. Domingo said the domestic economy this year has a good chance of exceeding the 7.6 percent GDP of 2010 saying “all pistols will be fired,” referring to all right economic ingredients that are working favorably towards ensuring strong growth this year.

“All pistols will be fired, I am very bullish this year. Definitely, 2012 is a much stronger growth than 2011 and we have a very good chance to be above 6 percent and a decent chance to exceed the 2010 level of 7.6 percent,” Domingo told reporters.

Domingo noted that 2011 would have a lower base of 3.5 percent and 3.7 percent GDP pulled down by the slump in the electronics exports although non-traditional exports continue to be strong. Earlier, socio-economic planning secretary Cayetano Paderanga said the domestic economy would hit the government’s 5 to 6 percent growth target this year.

Domingo also cited the favorable factors that would push for higher growth this year including “the robust services sector, improving tourism, government spending is back on track and the PPP (Public-Private Partnership) projects that are starting to pick up speed.”

The Aquino government is expected to roll out 8 to 16 PPP projects worth P80 billion to P142 billion under the PPP program.

In addition, there is an investment pipeline being put up both by foreign and domestic investors including the electronics sector.

The Board of Investments has registered a total of P368.9-billion investments in 2011 or 22 percent than 2012 while the Philippine Economic Zone Authority approved a total of P288.34 billion or 41 percent higher than the P204.395-billion investments haul in 2010. Domingo is chair of both investment promotion agencies.

“There are more to come, a lot of Japanese,” he said noting the Japanese investments are a combination of relocation projects or new and expansion projects.

Also fueling the economy is the general optimism for the Philippines plus the new tourism campaign “It’s more fun in the Philippines”, which is expected to jumpstart and bring together all tourism initiatives of the government and the private sector.

“There is a strong momentum,” Domingo said as he discounted the impact of the impeachment proceedings of Chief Justice Renato Corona on the country’s political stability.

The only negative in the horizon is the continued weakness of the US and EU economies and a possible slower growth in China.