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Palace not worried about eight-year low GDP

By: - Reporter / @KAguilarINQ
/ 03:28 PM January 23, 2020

MANILA, Philippines — Malacañang on Thursday said there is no need to worry about the sluggish growth of the gross domestic product (GDP), saying the government’s economic managers will take control of it.

“Sabi naman nila ganun daw talaga yun eh, pag bumaba wala nang ibang puntahan kung di umakyat, why worry?” Palace spokesman Salvador Panelo said in a press briefing.

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(They said, that’s just how it is. If it falls, there is no other way but for it to increase. Why worry?)

“I think we have competent economic managers, they’re doing their job very well. Since the economic managers say we should not be worried, we believe them,” Panelo added. “Because they are very competent, remember di ba yung inflation rate natin eh na control nila yun, ang dami nilang ginawang measures eh, magagaling nga sila eh.”

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(Remember they controlled our inflation rate, they implemented so many measures. They’re competent.)

The Philippine Statistics Authority (PSA) reported the Philippine economy grew 5.9 percent in 2019, its slowest pace in eight years. The fourth-quarter GDP expansion meanwhile grew to 6.4 percent.

Presidential Communications Secretary Martin Andanar meanwhile recognized the efforts of the government to address the country’s economy.

“We are delighted by the fastest GDP expansion recorded for 2019, at a 6.4% growth rate for the fourth quarter. This is a good indicator that with the political will towards undertaking necessary reforms and programs, we can attain such an achievement,” Andanar said in a statement.

“Despite the slow 5.9% full-year GDP growth rate for 2019, due to the delayed passage of the 2019 budget, we still recognize this administration’s determination to sustain the strong momentum of our economic growth,” he continued.

Edited by MUF

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TAGS: GDP, gross domestic product, Malacañang, Palace, Philippine economy, Salvador Panelo
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