Realizing stronger growth

As President Rodrigo Duterte marks his first year in office, people are in a reflective mood. And among the things that many wonder about is why the economy continues to grow even as the Western media and critics take exception to the President’s style of governance.

We have said so in the space that the economic momentum is strong enough to withstand any president.Case in point, review the economic growth during the term of President Benigno “Noynoy” Aquino 3rd. Despite slow public spending, the economy grew an average of 6.2 percent. And while total government spending grew somewhat during the last administration, key public expenditures particularly those in infrastructure was only 2.9 percent of GDP over six years. In fairness to the former president, that figure was higher than those spent during previous administrations with the exception of the Marcos government. It spent 3.2 percent of GDP over 21 years on infrastructure. The lowest ratio was recorded during the term of former President Gloria Arroyo, 1.9 percent of GDP over nine years. Still, the economy grew steadily during her time in office.