Palace still upbeat on 6-7% GDP this year

MANILA, Philippines — Malacañang remains optimistic the Philippines can achieve a six to seven percent full-year gross domestic product (GDP) growth from a four-year low of 5.6 percent in the first quarter.

Presidential spokesman Salvador Panelo said yesterday their confidence stemmed from assurances from economic managers who had apprised President Duterte of the situation.

“The Palace therefore remains confident that we will still reach our full-year 2019 economic target of six to seven percent,” Panelo said.

Officials blamed the slower growth on delays in the implementation of the infrastructure program due to deadlock among lawmakers over this year’s national budget. Economic managers also agreed the budget impasse was largely to blame for the below-target growth.

Also seen to have contributed to slower growth was the flat agriculture output of 0.8 percent, resulting largely from adverse effects of the El Niño phenomenon.

“Soaring inflation has been decisively addressed. We expect higher growth in the next few quarters as the Build Build Build infrastructure program starts to gather steam and domestic consumption, as a result of deflation, starts to pick up,” he said.

“The future looks bright despite the prophets of doom and the negative forces that try to mislead our countrymen into believing an opposite outlook, who however refuse to bite,” he said.