Malacañang uttered confidence the Philippine economy will still reach the government target of 6 to 7 percent growth by the end of 2019 as seen that the budget impasse has been resolved.
Philippine economy cultivated at its slowest pace in 4 years, missing forecasts, pulled by a delay in the enactment of the P3.7-trillion national budget, officials stated Thursday.
Salvador Panelo stated President Rodrigo Duterte and the other members of the Cabinet have been informed of the country’s economic situation.
“The economic momentum is on our side. The future looks bright despite the prophets of doom and the negative forces that try to mislead our countrymen into believing an opposite outlook, who however refuse to bite,” Panelo added.
A median of a Bloomberg poll surmised 6 percent growth while a Reuters survey placed it at 6.1 percent. Gross domestic product grew 5.6 percent in the first quarter, from 6.3 percent in the October to December period.
Socioeconomic Planning Secretary Ernesto Pernia noted that growth would have augmented to 6.6 percent had the country operated on the 2019 budget at the start of the year.
“As we had forewarned repeatedly, the reenacted budget would sharply slow the pace of economic growth,” Pernia stated.
“It was the slowest growth in 16 quarters, since the 5.1-percent expansion in the first quarter of 2015,” he concluded, noting the government must “really catch up and work very hard” to meet its growth target for the year.Share on