‘Everything is good’ despite PH economic slowdown, says Malacañang

No cause for alarm
By: - Reporter / @JLeonenINQ
/ 11:57 AM August 10, 2018

Presidential spokesperson Harry Roque –PHOTO BY JOAN BONDOC

Even as the country’s economic growth fell below targets, Malacañang assured the public that “everything is good” and that there is no cause for alarm.

Presidential Spokesperson Harry Roque admitted that they couldn’t control the price of oil in world markets, which he said affected the growth of the country’s gross domestic product (GDP).


“Everything is good naman po, siguro hindi makakamit ang mga targets na nais nating makamit, pero iyong mga targets naman po natin ay sadyang napakatataas na mga targets,” Roque told radio DZRH on Friday.

“Tayo po ay hindi nagpo-produce ng sapat na langis para sa ating mga pangangailangan. Nang tumaas po iyan, talagang napakalaki ng epekto sa atin,” he also said.


Data from the Philippine Statistics Authority (PSA) showed that GDP growth in the second quarter of 2018 was at 6 percent, which was below the government’s target of 7-8 percent.

But Roque claimed the recorded 6 percent GDP growth in the second quarter was still “very high.”

“Pero ganunpaman, tingnan n’yo po, maski tayo ay halos completely dependent sa oil imports ng halos doble ang presyo ng krudo ay lumago pa rin ng 6 percent ang ating ekonomiya,” Roque said.

“Six percent po ay napakataas pa rin; wala pong dapat ikabahala,” he stressed.

Socioeconomic Planning Secretary Ernesto Pernia attributed the disappointing economic growth to the closure of Boracay as well regulations in the mining industry.

READ: 6% GDP growth below gov’t target

Malacañang, however, is not sorry for the Duterte administration’s environmental policies.


“We don’t approach policy purely on an economic and financial basis. The President of course, will exercise the powers of the state, known as police powers, to protect also the environment,” Roque said Thursday,

“He (President Duterte) has given further priority—higher priority— to the protection of the environment and he makes no apologies for it,” he added. /kga

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TAGS: Economy, GDP, Harry Roque, Inflation
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