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Philippines : Palace welcomes third quarter growth in Gross Domestic Product.

Malacanang on Thursday welcomed the latest National Economic Development Authority (NEDA) report that showed a 6 percent increase in the country s Gross Domestic Product (GDP) for the third quarter of this year.

We welcome the latest report of the National Economic Development Authority (NEDA) that the country s Gross Domestic Product grew by six (6.0) percent for the third quarter of this year. Based on initial reports, the Philippines economic growth is the third fastest in Asia after China at 6.9 percent and Vietnam at 6.8 percent, Communication Secretary Herminio Coloma, Jr. said in a statement.

We affirm NEDA s view that the country will attain its full-year GDP growth of 6.0 percent due to better economic prospects in the last quarter of the year, he added.

The Palace official noted that the third quarter GDP growth was spurred by improved government spending, which grew significantly from 3.9 percent last quarter to 17.4 percent.

This is in line with President Aquino s directives to the Executive Branch to improve effectiveness in budget execution through the vigorous implementation of priority development programs, Secretary Coloma said.

In the last quarter of the year, the government shall intensify efforts to address challenges posed by extrinsic factors, such as a predicted severe El NiEo scenario through the last quarter and into the first half of 2016, and the slowing growth of the global economy, he further said.

President Aquino is firmly committed to achieve inclusive growth through continuing investments in public infrastructure and human capital development anchored upon good governance, Coloma added.

The NEDA report was also welcomed by Presidential Spokesperson Edwin Lacierda.

Led by increased government consumption on the demand side, the 6 percent figure is higher than the growth rates posted during the previous two quarters 5.0 percent and 5.8 percent, respectively, as well as the 5.5 percent GDP recorded in the third quarter of 2014, he said.

The NEDA report notes that growth on the supply side was led by the services sector, which accelerated to 7.3 percent, he added.

Within Asia, the Philippines continues to be a bright spot as the third fastest growing major emerging economy, after China and Vietnam, Secretary Lacierda said in a statement.

Developments such as this show clearly that good governance is indeed good economics, and that reforms pave the way toward a more business- and investment-friendly environment, he said.

Lacierda said that under the Aquino administration, the Philippines has increasingly strengthened its position as an important business hub, gaining the trust and confidence of international observers.

From being the Sick Man of Asia, the Philippines is now seen as a key emerging economy, brimming with opportunities for Filipinos and foreign investors alike, he said.

As always, the Aquino administration is committed to improving the lives of our citizens, and will remain focused on implementing reforms and programs that would bring about greater advancement for our country, he added.

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Publication:Mena Report
Geographic Code:90ASI
Date:Nov 26, 2015
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