MANILA - Malacañang on Thursday said soaring inflation experienced by the Philippines in the latter part of 2018 was to blame for the country’s missing its growth target for last year.
Gross domestic product expanded by 6.1 percent in the October to December period, compared to the revised 6 percent in the third quarter. This brought average growth for the full year to 6.2 percent, the Philippine Statistics Authority said.
The full year growth of 6.2 percent is lower than the 6.5 to 6.9 percent target for 2018, and is the lowest since 2015.
“Kung walang inflation na problema, mas mataas pa tayo sa target,” Presidential Spokesperson Salvador Panelo said in a Palace press briefing.
“Kapag may target ka eh ‘di syempre medyo disappointed ka, but it doesn’t mean you feel you are such a failure. You work harder so you can reach it the next time.”
Panelo said economic managers will work on reaching its targets for 2019.
The finance department said the government aims to reach a 7 percent GDP growth rate for 2019.