No need to worry over missed 2019 economic growth target

FILE: The Makati CBD skyline bordered by Ayala Avenue, Manila Philippines. (Photo: DerekBBB/Flickr, CC BY-NC 2.0)

MANILA — The government’s failure to meet its 6 to 6.5 percent economic growth target for 2019 is not a cause for concern, Malacañang said on Thursday.

Speaking to Palace reporters, Presidential Spokesperson Salvador Panelo said President Rodrigo Duterte’s “very competent” economic team still did their job “very well,” even after the government missed its growth target for 2019.

“I think we have competent economic managers. They’re doing their job very well,” Panelo said in a Palace briefing.

“Since the economic managers say we should not be worried, we believe them,” he added.

The Philippine economy grew by 6.4 percent in the September to December 2019 period, the Philippine Statistics Authority (PSA) reported on Thursday.

PSA noted that the main drivers of growth in the fourth quarter of 2019 were trade and repair of motor vehicles, motorcycles, personal and household goods; manufacturing; and construction.

Among the major economic sectors, services registered the fastest growth in September to December 2019, which was at 7.

9 percent.

The industry grew by 5.4 percent, while agriculture, hunting, forestry and fishing’s growth rate was 1.5 percent.

The latest PSA data showed that the economic growth posted in the last quarter of 2019 resulted in a full-year growth rate of 5.9 percent, slightly below the government’s revised target band of 5 to 6.5 percent.

Economic policies, programs continue

In a separate statement, Presidential Communications Operations Office (PCOO) Secretary Martin Andanar attributed the slow 5.9 percent full-year growth rate for 2019 to the delayed passage of the 2019 budget.

Andanar, nevertheless, guaranteed that the current administration remains determined to sustain the “strong momentum” of the country’s economic growth.

He was also delighted by the “fastest” expansion of economic growth recorded for 2019, which was at 6.4 percent growth rate for the fourth quarter.

Andanar said the government will continue to pursue initiatives aimed at improving Filipinos’ lives.

“This is a good indicator that with the political will towards undertaking necessary reforms and programs, we can attain such an achievement,” Andanar said.

“The government will continue its economic policies and programs for the betterment of the Philippines and every Filipino as part of President Duterte’s legacy,” he added.