Palace welcomes increase in 2014 GDP growth despite not meeting target

Palace spokesman Edwin Lacierda. INQUIRER FILE PHOTO

MANILA, Philippines – Although the country was unable to meet the 6.5 to 7.5 percent gross domestic product (GDP) growth target in 2014, Malacañang on Thursday welcomed the news that it had achieved 6.1 percent GDP growth.

“Despite the economic slowdown recorded in the third quarter of 2014 and in the face of various challenges brought about by calamities, our economy has shown remarkable resilience and continues to accelerate at a pace that demonstrates that reform works,” Presidential Spokesperson Edwin Lacierda said in a statement.

Earlier in the day, Socioeconomic Planning Secretary Arsenio Balisacan announced that the Philippines’ GDP growth for the fourth quarter of last year was at 6.9 percent, bringing the year’s economic growth to 6.1 percent.

While 6.9 percent is a substantial increase from the 6.3 percent growth in the same period in 2013, the overall GDP growth for the year fell way below the 6.5 to 7.5 percent target.

Lacierda, however, said that the fourth quarter growth reaffirmed the “truth that good governance is good economics.”

He also pointed out that the Philippines is the second fastest growing country, following China, in the region on a full-year basis and third to China and Vietnam for the fourth quarter.

Lacierda said the government, which will host this year’s Asia-Pacific Economic Cooperation (APEC) forum, will be banking on the GDP growth data to work with other economies to build a dynamic and resilient Asia-Pacific region.

He said the Aquino administration will “double its efforts” to ensure that all Filipinos will experience the effects of the “resurging economy.”

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