Economy grows 7 pct in 2Q as Duterte pledges inclusive growth | ABS-CBN
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Economy grows 7 pct in 2Q as Duterte pledges inclusive growth
Economy grows 7 pct in 2Q as Duterte pledges inclusive growth
ABS-CBN News
Published Aug 18, 2016 10:08 AM PHT
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Updated Aug 18, 2016 01:19 PM PHT
MANILA - (UPDATE) The economy expanded by 7 percent in the second quarter, surpassing analysts expectations, as election spending offset weak demand for exports, the government said Thursday.
MANILA - (UPDATE) The economy expanded by 7 percent in the second quarter, surpassing analysts expectations, as election spending offset weak demand for exports, the government said Thursday.
The three-month expansion in gross domestic product (GDP) was the fastest in three years and maintained the Philippines status as Asia's fastest-growing economy. China reported growth of 6.7 percent during the same period.
The three-month expansion in gross domestic product (GDP) was the fastest in three years and maintained the Philippines status as Asia's fastest-growing economy. China reported growth of 6.7 percent during the same period.
Second quarter growth beat the revised 6.8-percent expansion in the first three months of the year and a Reuters forecast of 6.7 percent for the April to June period.
Second quarter growth beat the revised 6.8-percent expansion in the first three months of the year and a Reuters forecast of 6.7 percent for the April to June period.
This also brought GDP growth to 6.9 percent in the first six months of the year, the tail-end of former president Benigno 'Noynoy" Aquino III's term.
This also brought GDP growth to 6.9 percent in the first six months of the year, the tail-end of former president Benigno 'Noynoy" Aquino III's term.
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His successor, President Rodrigo Duterte, takes over stewardship of the economy for the rest of the year with a vow to uplift the lives of a quarter of the country's 100 million population that still live in poverty and have not felt the gains in one of Asia's fastest-growing economies.
His successor, President Rodrigo Duterte, takes over stewardship of the economy for the rest of the year with a vow to uplift the lives of a quarter of the country's 100 million population that still live in poverty and have not felt the gains in one of Asia's fastest-growing economies.
"This is the puzzle we have to face. The big puzzle is that everybody has been talking about faster economic growth but slow reduction in poverty," Economic Planning Secretary Ernesto Pernia said before the GDP figures were released.
"This is the puzzle we have to face. The big puzzle is that everybody has been talking about faster economic growth but slow reduction in poverty," Economic Planning Secretary Ernesto Pernia said before the GDP figures were released.
"That has been the sad commentary regarding our economic growth performance. Growth has not been broadly shared," he said.
"That has been the sad commentary regarding our economic growth performance. Growth has not been broadly shared," he said.
Pernia said a new economic road map that would cover Duterte's six-year term, which ends in 2022, will be finished by the end of the year.
Pernia said a new economic road map that would cover Duterte's six-year term, which ends in 2022, will be finished by the end of the year.
This will be anchored on Duterte's 10-point development agenda, which includes restoring peace and order, revamping the tax system, spreading development to the regions, and curbing population growth, he said.
This will be anchored on Duterte's 10-point development agenda, which includes restoring peace and order, revamping the tax system, spreading development to the regions, and curbing population growth, he said.
"It's an upbeat start for the current administration," Pernia said in Davao on Thursday after the second quarter figures were announced.
"It's an upbeat start for the current administration," Pernia said in Davao on Thursday after the second quarter figures were announced.
"The previous administration gave us a strong and stable economy that we can build on further by maintaining the sound macroeconomic and fiscal policies already in place," he said.
"The previous administration gave us a strong and stable economy that we can build on further by maintaining the sound macroeconomic and fiscal policies already in place," he said.
Pernina said the economy was on track to meet the government's 6 percent to 7 percent GDP growth target for the full year.
Pernina said the economy was on track to meet the government's 6 percent to 7 percent GDP growth target for the full year.
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