{"id":242974,"date":"2020-01-23T20:40:47","date_gmt":"2020-01-24T01:40:47","guid":{"rendered":"https:\/\/canadianinquirer.net\/v1\/?p=242974"},"modified":"2020-01-23T20:40:47","modified_gmt":"2020-01-24T01:40:47","slug":"no-need-to-worry-over-missed-2019-economic-growth-target","status":"publish","type":"post","link":"https:\/\/canadianinquirer.net\/v1\/2020\/01\/23\/no-need-to-worry-over-missed-2019-economic-growth-target\/","title":{"rendered":"No need to worry over missed 2019 economic growth target"},"content":{"rendered":"
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FILE: The Makati CBD skyline bordered by Ayala Avenue, Manila Philippines. (Photo<\/a>: DerekBBB\/Flickr<\/a>, CC BY-NC 2.0<\/a>)<\/figcaption><\/figure>\n

MANILA<\/strong>\u00a0— The government\u2019s failure to meet its 6 to 6.5 percent economic growth target for 2019 is not a cause for concern, Malaca\u00f1ang said on Thursday.<\/p>\n

Speaking to Palace reporters, Presidential Spokesperson Salvador Panelo said President Rodrigo Duterte\u2019s \u201cvery competent\u201d economic team still did their job \u201cvery well,\u201d even after the government missed its growth target for 2019.<\/p>\n

\u201cI think we have competent economic managers. They\u2019re doing their job very well,\u201d Panelo said in a Palace briefing.<\/p>\n

\u201cSince the economic managers say we should not be worried, we believe them,\u201d he added.<\/p>\n

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

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.<\/p>\n

Among the major economic sectors, services registered the fastest growth in September to December 2019, which was at 7.9 percent.<\/p>\n

The industry grew by 5.4 percent, while agriculture, hunting, forestry and fishing\u2019s growth rate was 1.5 percent.<\/p>\n

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\u2019s revised target band of 5 to 6.5 percent.<\/p>\n

Economic policies, programs continue<\/strong><\/p>\n

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.<\/p>\n

Andanar, nevertheless, guaranteed that the current administration remains determined to sustain the \u201cstrong momentum\u201d of the country\u2019s economic growth.<\/p>\n

He was also delighted by the \u201cfastest\u201d expansion of economic growth recorded for 2019, which was at 6.4 percent growth rate for the fourth quarter.<\/p>\n

Andanar said the government will continue to pursue initiatives aimed at improving Filipinos\u2019 lives.<\/p>\n

\u201cThis is a good indicator that with the political will towards undertaking necessary reforms and programs, we can attain such an achievement,\u201d Andanar said.<\/p>\n

\u201cThe government will continue its economic policies and programs for the betterment of the Philippines and every Filipino as part of President Duterte\u2019s legacy,\u201d he added.<\/p>\n","protected":false},"excerpt":{"rendered":"

MANILA\u00a0— The government\u2019s failure to meet its 6 to 6.5 percent economic growth target for 2019 is not a cause …<\/p>\n","protected":false},"author":44,"featured_media":242976,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19,16,95],"tags":[],"class_list":["post-242974","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","category-news","category-news-ph","mauthors-ruth-abbey-gita-carlos","mauthors-philippine-news-agency"],"_links":{"self":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/242974","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=242974"}],"version-history":[{"count":2,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/242974\/revisions"}],"predecessor-version":[{"id":242978,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/242974\/revisions\/242978"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media\/242976"}],"wp:attachment":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media?parent=242974"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/categories?post=242974"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/tags?post=242974"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}