MANILA- Malacañang on Thursday said the Philippines is a "darling economy" despite high inflation rates and the weakening of the peso.
Presidential Spokesperson Harry Roque said there is no problem with the country's economy, in response to Vice President Leni Robredo's comment that President Rodrigo Duterte should first fix the country's economic woes instead of bashing her or making remarks against God.
Robredo made the remark after the President called her "incompetent."
“Unang-una po wala po tayong problema sa ekonomiya. Sabi ko na nga po, paulit-ulit, and it's a matter of record, na we are the second fastest growing economy in the world, level optimism is all-time high, manufacturing output is all-time high,” Roque told reporters during a Palace briefing.
“All economies in the world po will agree that we are a darling economy,” he added.
(First of all we have no economic problem. As I have repeatedly said, and it's a matter of record, we are the fastest growing economy in the world, level optimism is all-time high, manufacturing output is all-time high.)
Philippines' annual inflation rate shot up to its highest in more than 5 years, quickened to 5.2 percent in June from May's 4.6 percent. Inflation also exceeded central bank's 4.3-5.1 percent estimate amid costlier food, alcoholic beverages and tobacco as higher taxes took effect this year.
Peso, which lost 6.5 percent against the dollar this year, had become one of Asia's worst performing currencies.
Roque meanwhile defended Duterte's criticism of Robredo, saying it was an objective assessment of the vice president's performance.
"Wala naman pong malisya doon sa (There is no malice in the) assessment. It's just a frank, honest, objective assessment of the President,” Roque said.