Palace: Philippine GDP slowdown just ‘temporary’

MANILA, Philippines — The slowdown in the country’s economic growth is just temporary, Malacañang said Thursday, as the Philippine Statistics Authority (PSA) has reported that the Philippine economy grew at a slower pace of 5.5% in the second quarter this year.

“Well, according to our economic managers temporary lang naman iyan eh; gaya ng mga nakaraan, ginagawan natin ng paraan iyon,” presidential spokesperson Salvador Panelo said in a Palace briefing.

Panelo refused to comment further when asked about specific steps to address the economic growth slowdown.

“I will leave it to the Economic Managers para mas maganda ang sagot. Secretary Pernia will be issuing a statement on that,” he said, referring to Socioeconomic Planning Secretary and National Economic and Development Authority (Neda) chief Ernesto Pernia.

READ: PH GDP growth further slows to 5.5% in Q2

The Philippine Statistics Authority (PSA) reported earlier Thursday that the gross domestic product (GDP) growth during the April to June period was 5.5%, slower than the 6.2% recorded in the same period in 2018.

The government targets a 6-7% GDP growth this year. /kga