Palace promises sustainable GDP growth

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MALACANANG has expressed confidence that the country would sustain its 6.5 percent Gross Domestic Product (GDP) or the market value of all goods and services produced by the country until the end of 2017.

Presidential Spokesperson Ernesto Abella gave this assurance in a statement on Thursday when Socioeconomic Planning Secretary Ernesto Pernia announced the growth.

READ: GDP growth firms to 6.5% in Q2 from 6.4% in Q1

“We welcome this morning’s announcement by Socioeconomic Planning Secretary Ernesto Pernia. Indeed, our growth rate is on track,” Abella said.


Abella cited that the 6.5 percent figure fell within the full-year target growth of the economic managers and put the country as one of the fastest growing major economies in Asia.

“We would sustain our pace for the rest of the year as we continue to lay down the foundation of a comfortable life for all through increased investments in infrastructure and social protection,” Abella said.

The briefing by the National Economic Development Authority (NEDA) cited growth in household consumption at 5.9 percent, while government consumption increased by 7.1 percent from 0.1 percent, which showed a marked improvement in the absorptive capacity of government agencies.

 

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