MANILA, Philippines — The administration of President Ferdinand Marcos Jr. remains committed to expanding the country’s economy, said National Economic and Development Authority (Neda) Secretary Arsenio Balisacan on Thursday.
With the faster-than-expected third quarter gross domestic product (GDP) growth at 5.9 percent, Balisacan assured Filipinos that the country is on track to achieve the economic and social transformation targets of the Philippine Development Plan (PDP) 2023-2028.
READ: PH economy grew by 5.9% in Q3
“The government is currently assessing our progress concerning the target outcomes and the strategies identified in the PDP. This Philippine Development Report will provide the necessary guidance on the way forward,” Balisacan said in a statement from the Palace.
According to the Palace, the Philippines’ GDP growth makes it the fastest growing economy in Asia.
“I am confident that as we work together in unity and with our whole-of-government approach, we will remain on track with our Agenda for Prosperity,” said Budget Secretary Amenah Pangandaman in a separate statement.
According to the Department of Budget and Management, 36 percent of the improved GDP could be attributed to improved government spending.
Government Fixed Capital Formation rose from 0.7 percent in the second quarter to 6.7 percent in the third quarter, said the DBM.