MANILA, Philippines— Malacañang admitted on Tuesday the continued existence of factors—high cost of electricity and insufficient loans for small businesses among them—that the World Bank recently said were preventing poor Filipinos from benefiting from the country’s economic growth.
Deputy presidential spokesperson Abigail Valte told a news briefing that the administration is already dealing with these problems.
Valte said the World Bank report on the Philippines, “From Stability to Prosperity for All,” underlined the efforts of the Aquino administration at promoting fiscal and institutional reforms.
“As we continue to move toward inclusive economic growth, we agree with the World Bank on the need for reform in key areas, which we are acting on,” Valte said.
The World Bank’s quarterly report cited the Philippines for its low inflation rate, sustained economic growth, declining debt, stable banking sector and comfortable amount of foreign exchange reserves.
The World Bank said, however, that the government should start spreading the prosperity to most Filipinos instead of just being satisfied with the positive macroeconomic developments.
Malacañang relished the World Bank’s positive statements about the state of the country’s economy.
“Economic indicators are encouraging,” Valte said. “So far this year, exports have rebounded, inflation is down, job generation continues to improve, and public spending has been intensified and fast-tracked,” she added.