Aquino expects another stunning GDP growth in Q2

MANILA, Philippines - President Benigno Aquino III is expecting another stellar growth in the government's gross domestic product (GDP), which grew by 7.8 percent in the first quarter of the year.

 

"I think ‘yung second quarter figures should be of the same ilk, and we are hoping that they will be same or even better," Aquino said in a televised press briefing on Monday.

 

The National Statistical Coordination Board (NSCB) revealed last week that the country's GDP growth in the first quarter exceeded market and government forecasts, outperforming the economies of all Southeast Asian neighbors and even China's.

 

The NSCB said the economic growth was spurred by the development in major sectors and increased infrastructure spending from the government.

 

But while the Aquino administration is expecting another impressive GDP growth, independent think-tank Ibon Foundation claimed that the recent economic development is only "momentary" and that it was "narrowly felt."

 

The organization said that like in previous election years, the GDP growth in the first quarter of the year is largely due to increased poll-related spending.

 

"The last three election years saw a noticeable uptick in year-on-year GDP growth in the first and second quarters from the quarters immediately preceding these... But these were all short-lived, and GDP growth in the immediately after the second quarter consistently falls by some 1.5 to 3 percentage points," the organization said.

 

It added that the recent growth is "felt only by a very few."

 

But the Aquino administration has assured that the recent economic growth will be inclusive.

 

"More than economic growth, however, the Aquino administration is focused on fostering inclusive growth... Therefore, our administration will continue to promote and expand policies that lead to a Philippines where no one is left behind," Malacañang said in an earlier statement.