Palace admits 7.3% GDP growth in Q1 has yet to create more jobs

May 29, 2010 9:17 pm 

MANILA, May 29 — Malacanang on Saturday cited factors why the country’s 7.3 percent growth in gross domestic product (GDP) or total goods and services produced in the Philippines has not translated to more jobs.

“There is the entry of many Filipino graduates in the labor force. And maybe, the economy’s improvement is applying more to capital-intensive industries rather than labor-intensive sectors,” said Deputy Presidential Spokesperson Gary Olivar in a radio interview.

Olivar said the primary reason the highest year-on-year growth by quarter in the last 30 years is the ongoing global economic recovery.

“As the rest of the world recovers, our imports and exports are growing. In the GDP growth, manufacturing moves up to 20 percent year-on-year for the first quarter,” Olivar said.

Olivar also said critics should bring their complaints to the National Statistics Office (NSO) and the National Statistical Coordination Board (NSCB) instead of the Palace.

“Ito ang lumabas na datos tungkol sa paglago ng ekonomiya: 7.3 percent year-on-year first quarter ng GDP at 9.5 percent ng gross national product (GNP). Ito ay galing sa NSO at NSCB. Mga professional na ekonomista at statistician ang nariyan. Sila po ang kastiguhin ninyo, huwag ang Palasyo tungkol sa bagay na iyan (The data on economic growth indicating 7.3 percent year-on-year first quarter growth in GDP and 9.5 percent growth in GNP or total goods and services produced by the country here and abroad, including remittances, came from the NSO and the NSCB, which have professional economics and statisticians. Critics should direct their questions to them, not to the Palace),” Olivar said. (PNA) scs/OPS/rsm

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