Palace: Q2 GDP growth due to ‘political stability’

Malacañang on Thursday said the 5.6 percent gross domestic product (GDP) growth for the 2nd quarter of 2015 showed “reliable performance” of the Philippine economy due to the stability ushered in by Aquino administration.

“International circles have credited political stability as one of the main reasons for our country’s comparatively reliable performance,” Presidential Spokesperson Edwin Lacierda said in a statement. “Along with prudent fiscal management and other factors, this stability has helped the Philippines weather external shocks, proving once again that good governance is good economics.”

The 5.6 percent growth reported by the National Economic and Development Authority (Neda) is attributed to household consumption, on the demand side, and growth of services and industry, on the supply side.

READ: PH economy grew 5.6% in second quarter

“Relative to other Asian economies that have released their second quarter 2015 GDP growth data, the Philippines is the third fastest growing economy, ahead of Malaysia (4.9%), Indonesia (4.7%), and Thailand (2.8%),” Lacierda said, explaining that the growth in the last three months was higher than the 5 percent growth in the first quarter of the year.

“Reform works: we have witnessed this time and again over the past five years, and we as a people will continue to reap its fruits so long as we keep to Daang Matuwid,” he said.

Lacierda said the Aquino administration will continue pursuing inclusive growth and “extending the benefits of national progress to our poorest and most marginalized sectors.” Kristine Angeli Sabillo/IDL