Palace welcomes 6.9% GDP growth, says up to next admin to continue | Inquirer Business

Palace welcomes 6.9% GDP growth, says up to next admin to continue

/ 12:49 PM May 19, 2016

Malacañang on Thursday welcomed the reported 6.9 percent growth of the Philippine economy while mentioning the importance of continuing the Aquino administration’s reform work.

READ: PH GDP grew 6.9% in Q1, fastest growth since Q2 of 2013

Presidential Spokesperson Edwin Lacierda, in a statement, said the 6.9 percent growth is higher than the gross domestic product of 6.5 percent last quarter and the 5 percent of the 1st quarter of 2015.


“Sustaining its growth momentum, government final consumption reached 9.9%, as agencies continued to implement and expand various social protection programs,” he said, citing the government’s basic education program, vaccination campaign and other locally-funded projects.


“The NEDA (National Economic and Development Authority) report further states that industry grew by 8.7%, supported by a strong showing from all segments of the industry sector. Services, meanwhile, continued its acceleration to 7.9%, its highest growth since the second quarter of 2013.” he said.

Up to next gov’t

Lacierda reiterated President Benigno Aquino III’s earlier pronouncement that his guiding principle “is to leave the country in a far better state than when he first found it.”

“Indeed, the past six years have been about steering the Philippines along the Straight Path, where citizens can rest assured in a more effective, transparent, and inclusive government,” Lacierda said.

“With our peers in the international community having acknowledged our progress, it is now up to the next administration to build on the gains we have recently achieved—so that they may further redound to our nation’s improvement, for the benefit of generations to come,” he said. CDG



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TAGS: Benigno Aquino III, economy, GDP, Gross Domestic Product, Growth, Industry, Malacañang, National Economic and Development Authority, NEDA, Reform

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