Palace: No surprise with ADB’s cut in PH growth forecast

Malacañang is not surprised with the revised 2018 economic growth outlook of the Asian Development Bank (ADB) for the Philippines from 6.8 percent to 6.4 percent.

Presidential Spokesperson Harry Roque said the government was anticipating this “slowdown,” citing policy decisions of the Duterte administration.

“We expected this slowdown vis-à-vis our growth target for the year, given that certain policy decisions, such as the closure of Boracay and the full implementation of our comprehensive tax reform package which would benefit the country in the long-run, contributed to the deceleration,” Roque noted in a statement on Wednesday.

Roque, however, assured the public “that our macroeconomic fundamentals are resilient, strong, and stable. “

“Per ADB’s updated outlook, the Philippines’ growth remains the second highest in Southeast Asia,” he said.

“Our economic managers are committed to the country’s long-term vision and are swiftly addressing issues affecting our growth prospects to sustain high growth and make it inclusive,” he added.