Palace pleased with S&P’s report on PH

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Malacañang on Wednesday said that it was pleased with the report by Standard & Poor’s (S&P) citing that “the Philippines is now the leader in terms of growth among the major economies in the Association of Southeast Asian Nations [Asean].”

“If you compare the economy to a pie, we are very pleased that international media, and also ourselves, we recognize that the pie has grown,” Palace spokesman Edwin Lacierda said in a press conference.

But, the Aquino government, he said, wants to ensure inclusive growth amid the country’s economic gains and various achievements.

“Are we happy with it on that level? We’re happy that the pie has grown—has grown bigger,” Lacierda said, adding that, “But it’s also important for us to ensure that more people get a slice of the pie, that’s what we call inclusive growth.”

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The Palace official cited President Benigno Aquino 3rd’s statement during his fourth State of the Nation Address, assuring that all Filipino citizens will “hopefully profit” from these economic gains.

In a report released Monday, the S&P, which has upgraded the Philippines to investment grade, said that the country has taken over the Asean growth leadership role from Indonesia.

The Philippine economy is projected to grow by 6.9 percent this year, faster than other Asean economies, it said.

S&P sees Indonesia’s gross domestic product (GDP) to grow 6.1 percent; Vietnam, 5.3 percent and Malaysia, 5.3 percent. The Philippine growth forecast is higher than that for China at 7.3 percent.

GDP is the final amount of goods and services produced in a country for a year.

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