Palace: GDP growth proves Duterte admin competence in protecting economy
MANILA, Philippines—Malacañang welcomed Thursday the reported growth in the Philippines’ gross domestic product (GDP) in the third quarter of 2019, saying that it demonstrates the Duterte administration’s competence in protecting the health of the economy.
Presidential spokesman Salvador Panelo issued the statement as GDP growth during the July to September hit 6.2 percent, faster than the 6-percent expansion in the third quarter of last year and the average 5.5-percent growth in the first half.
“While it is public knowledge that the hallmark of this Administration is its unmatched advocacy for peace and order, this development illustrates its competence in other fields, such as protecting the health of the nation’s economy notwithstanding inevitable setbacks it has encountered in the past,” Panelo said in a statement.
READ: Philippine economy grows 6.2% in Q3 2019
Panelo said according to the Philippine Statistics Authority, services posted the fastest growth with 6.9%; followed by industry with 5.6%; and agriculture, hunting, forestry, and fishing with 3.1%.
“Based on reports, this GDP puts the Philippines ahead of India, Indonesia, and even China,” he said.
The Palace official went on to commend the Duterte economic team for “maintaining our 6 percent or above ‘fighting target’ for economic growth in 2019.”
The government targets a 6-7 percent economic growth in 2019.
“Simply put, this means that we are back on track with President Rodrigo Roa Duterte’s socioeconomic goal, including the objective to lower poverty incidence to 14% by the end of the his term in 2022,” Panelo said.
Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.
