Aquino administation welcomes reports that country’s economy grew by 7.5 percent in the second quarter of this year

August 30, 2013 9:41 am 

MANILA, Aug. 29 — The Aquino administration welcomed reports that the Philippine economy grew by 7.5% in the second quarter this year, making the country the best performer among emerging economies in the ASEAN region and growing at par with the People’s Republic of China.

Presidential Spokesperson Edwin Lacierda issued the statement on Thursday following reports that the Philippine economy, as measured by the gross domestic product (GDP), grew by 7.5 percent in the second quarter of 2013 compared to the same quarter last year.

"Despite the particularly challenging climate for emerging economies, the Philippine economy has shown remarkable resilience. This is the fourth consecutive quarter that GDP has expanded above 7%, representing a continued and sustained rally for the Philippine economy," Lacierda said.

"This heady growth rate, which has not dipped below 6% since the first quarter of 2012, hews closely to the GDP growth targets set by the Philippine Development Plan," he said.

The Philippines economy expanded 7.5 percent in the April to June quarter following increase in investor and consumer confidence and infrastructure activities.

"Notably, the Secretary for Socioeconomic Planning (Arsenio M. Balisacan) has expressed optimism that the Philippine economy continues to industrialize and with that expand its ability to provide better jobs for our countrymen," Lacierda stressed.

According to National Economic Development Authority, strong growth for the quarter was buoyed by greater infrastructure activities, higher investor and consumer confidence, favorable interest rates, stable inflation, inbound tourism, and an optimistic domestic economic outlook.

"Throughout the Aquino administration, we have persistently proven that good governance does result in good economics. As such, we will continue to push toward establishing an environment that underscores accountability, transparency, and that which encourages further partnerships between the public and private sectors to meet our developmental goals," Lacierda said.

Lacierda said equitable and inclusive growth remain at the core of Aquino administration's initiatives as the government helps build a more robust economy for the benefit of all Filipinos. (PNA)

FPV/PCOO/SSC

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