MANILA - Presidential Spokesperson Harry Roque on Wednesday said the administration's economic managers were committed to addressing issues affecting the country's economic growth.
This after the Asian Development Bank (ADB) lowered its growth outlook for the Philippines to 6.4 percent from 6.8 percent for 2018, citing an unexpected softening of the country's gross domestic product (GDP) during the first half of the year.
"Our economic managers are committed to the country's long-term vision and are swiftly addressing issues affecting our growth prospects to sustain high growth and make it inclusive," Roque said in a statement.
He said the slowdown was expected as policy decisions such as the closure of Boracay and the full implementation of the Comprehensive Tax Reform Program (CTRP), meant to be beneficial in the long run, contributed to the deceleration.
Fitch Ratings also lowered its growth forecast for the country this year, between 6.5 percent to 6.6. percent, Sagarika Chandra, associate director for Asia Pacific Sovereigns told ANC.
Both Fitch and the ADB noted that despite the revised numbers, the country's economy remains as one of the fastest growing in the region.
"We assure the public that our macroeconomic fundamentals are resilient, strong and stable," Roque said.
Philippine gross domestic product (GDP) grew 6 percent in the second quarter, from 6.6 percent in the first 3 months of the year, government data released in August showed.