President Aquino on Thursday gave successive interviews with three of the biggest international media organizations at Malacañang, where he talked about his administration’s legacy as well as “reflections on governance.”
According to his official schedule released by the Palace, the President gave one and a half hour each to the Wall Street Journal, Time Magazine and the New York Times.
Asked if the President spoke about his administration’s legacy with the foreign journalists, Communications Secretary Herminio Coloma Jr. said, “Yes, as well as reflections on governance.”
President Aquino had the exit interview just as the news broke that the Philippine economy grew to 6.9 percent in the first quarter, exceeding market expectations.
In a statement, Budget Secretary Florencio “Butch” Abad said the growth has made the Philippines the “fastest growing economy in Asia,” besting 11 countries in the region, including China.
Improved spending
“The growth was primarily led by public construction, which reached almost 40 percent in the first quarter, a leap from the 20-point contraction in the same period last year. It is important to note that public construction has sustained double-digit growth since the second quarter of 2015,” Abad said.
He said key agencies have improved their spending, which contributed to the growth.
He cited as an example the fund utilization of the Department of Public Works and Highways, which reached 97 percent, compared to the 91 percent in 2015, while the Department of Health reached 94 percent, improving by 21 percentage points from 73 percent in the same period last year.
“Backed by vibrant domestic consumption and strong economic fundamentals, we remain optimistic that the economy will continue to expand this year. The country has made unprecedented growth in the past five years, and we primarily owe this to the principles of good governance—upholding transparency, accountability and openness, especially in the management of public funds,” Abad said.
“We have seen that the Philippines has shown outstanding resilience in the midst of global volatility, and we are confident that with the reforms in place, the country will maintain its momentum and continue on the path to growth,” he said.
For its part, Malacañang said the first quarter growth “despite challenging regional and global conditions is a clear manifestation of the sound management of macroeconomic fundamentals founded upon good governance.”
“This beneficial result bodes well for the sustenance of the high growth trajectory of the Philippine economy that will eventually pave the way for the country’s entry into the ranks of high-income countries,” Coloma said in a statement.