Palace on GDP growth: Best is yet to come

MANILA, Philippines — Even if last year’s growth was below the government’s target, Malacañang remains optimistic that “the best is yet to come” for the Philippines, presidential spokesman Salvador Panelo said at a press briefing yesterday.

The economy grew at a faster pace in the fourth quarter of 2018 but below the forecast as inflation began to ease and the farm sector recovered, data released yesterday by the Philippine Statistics Authority (PSA) showed.

Gross domestic product grew by 6.1 percent in the fourth quarter or in the October to December period, as against the six percent in the third quarter.

The fourth quarter figure brought average growth for the full year to 6.2 percent or below the downgraded 6.5-6.9 percent target, the PSA said.

“Economic managers are very confident that we are on the right track,” Panelo added.

He said last year’s growth was “OK considering the circumstances surrounding the economy.”

Asked if the Duterte administration was concerned about the slower-than-expected growth, Panelo replied: “You always have a concern when you don’t reach a certain target. But you work harder so that you can reach it the next time.”

“If you have a target and you failed to meet it, of course, you are disappointed. It doesn’t mean you feel that you’re such a failure. You work harder to reach your target,” he added.

Panelo expressed belief economic growth would have exceeded the target had it not been for inflation-related issues.