{"id":236910,"date":"2019-11-08T21:10:57","date_gmt":"2019-11-09T02:10:57","guid":{"rendered":"https:\/\/canadianinquirer.net\/v1\/?p=236910"},"modified":"2019-11-08T21:10:57","modified_gmt":"2019-11-09T02:10:57","slug":"govt-urged-to-step-up-spending-to-meet-ph-growth-target","status":"publish","type":"post","link":"https:\/\/canadianinquirer.net\/v1\/2019\/11\/08\/govt-urged-to-step-up-spending-to-meet-ph-growth-target\/","title":{"rendered":"Gov’t urged to step up spending to meet PH growth target"},"content":{"rendered":"
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Senator Sonny Angara said the government\u2019s \u201cspending catch-up plan\u201d will be key in meeting the full-year gross domestic product (GDP) growth target of 6 percent to 7 percent. (File Photo<\/a>: Sonny Angara\/Facebook<\/a>)<\/figcaption><\/figure>\n

MANILA<\/strong>\u00a0\u2013 The chairman of the Senate Committee on Finance on Friday said all government agencies must aggressively step-up its fiscal spending for the remaining period of the year to help the administration attain its economic growth target for 2019.<\/p>\n

Senator Sonny Angara said the government\u2019s \u201cspending catch-up plan\u201d will be key in meeting the full-year gross domestic product (GDP) growth target of 6 percent to 7 percent.<\/p>\n

\u201cThe contribution of the government is to step up its spending, meaning actual payment for goods and services delivered. I am speaking of disbursements and not just obligation of funds,” Angara said.<\/p>\n

\u201cI hope that we will be doing all the smart moves in the last two months that would allow us to meet the finish line goal of 6 to 7 percent growth.\u00a0Sabi naman ng mga<\/em>\u00a0economic manager (According to economic managers), there will be the last quarter spurt, buoyed up in part by the holiday spending and OFW remittances,” he added.<\/p>\n

The government reported on Thursday that the country\u2019s gross domestic product (GDP) rose by 6.2 percent in July to September period following two-quarters of deceleration, bringing the year-to-date economic growth to 5.8 percent.<\/p>\n

Socioeconomic Planning Secretary Ernesto Pernia said the Philippines likely ranked second behind Vietnam\u2019s 7.3 percent but higher than China\u2019s 6.0 percent. India\u2019s expected third-quarter growth was below 6 percent, while Indonesia at 5 percent.<\/p>\n

Pernia said the economy will have to expand by at least 6.7 percent in the last quarter to meet the low-end of the full-year target.<\/p>\n

Angara lauded the uptick in public construction spending since it entails a recovery from the delay of the passage of the national budget, as well as the gains in farm output.<\/p>\n

\u201cThe challenge is to prevent any backsliding and stop the ASF, the low copra prices and the dip in\u00a0palay<\/em>\u00a0yield from pulling down the agriculture performance,” Angara said.<\/p>\n

“The fact that our third quarter expansion outpaces China, India and Indonesia can only be good news for all of us,” Angara added.<\/p>\n

Angara expressed optimism that the 6.7-percent growth can be achieved at the end of the year, noting that the economic managers seem to be successful in pushing the right buttons.<\/p>\n","protected":false},"excerpt":{"rendered":"

MANILA\u00a0\u2013 The chairman of the Senate Committee on Finance on Friday said all government agencies must aggressively step-up its fiscal …<\/p>\n","protected":false},"author":44,"featured_media":137996,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16,95],"tags":[],"class_list":["post-236910","post","type-post","status-publish","format-standard","has-post-thumbnail","category-news","category-news-ph","mauthors-filane-mikee-cervantes","mauthors-philippine-news-agency"],"_links":{"self":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/236910","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/comments?post=236910"}],"version-history":[{"count":1,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/236910\/revisions"}],"predecessor-version":[{"id":236911,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/236910\/revisions\/236911"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media\/137996"}],"wp:attachment":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media?parent=236910"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/categories?post=236910"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/tags?post=236910"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}