Palace optimistic despite drop in GDP growth

Communications Secretary Herminio Coloma. INQUIRER FILE PHOTO

MANILA, Philippines–Malacañang on Thursday remained optimistic despite a substantial drop in the gross domestic product (GDP) growth for the third quarter of this year.

“We note the report of the National Economic and Development Authority (Neda) that the Philippine economy, as measured by gross domestic product, grew by 5.3 percent in the third quarter of 2014,” Communications Secretary Herminio Coloma Jr. said in a press briefing.

“This figure shows a 1.7 percent decrease from the 7 percent growth recorded during the same period last year and 1.1 percent lower than the 6.4 percent registered in the second quarter of 2014.”

Coloma, however, said the glass was half full, citing Neda director general Arsenio Balisacan’s observations.

“According to Secretary Balisacan, the third quarter economic performance shows a mixed picture of the private sector treading a more stable upward trajectory, government adjusting to new spending protocols, and the lingering negative impact of (Supertyphoon) Yolanda and other calamities,” he said.

Coloma said Malacañang affirmed the Neda’s “continuing positive outlook in the succeeding quarters and onward to 2015.”

He said the private sector would most likely “remain robust” while government spending and rehabilitation of Yolanda-hit areas were also expected to contribute to economic growth.

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