Stability helps PH economy grow by 6.9%

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PRESIDENTIAL spokesman Harry Roque has attributed the reported third quarter growth of the economy by 6.9 percent, to the stability of the government which the country been enjoying since President Rodrigo Duterte assumed office last year.

Roque was reacting to a report by the Philippine Statistics Authority (PSA) that the Philippine economy grew by 6.9 percent in the third quarter of the year, higher than a market consensus of 6.6 percent.

The country’s third quarter growth is faster than the 6.7 percent growth in the second quarter of the year, and the fastest in the last four quarters.

According to the PSA, industry recorded the fastest growth at 7.5 percent while services expanded by 7.1 percent and agriculture grew by 2.5 percent.

The government expects the economy to grow by 6.5 to 7.5 percent in 2017. 

“That’s good news. In fact, it was (Finance) Secretary (Carlos) Dominguez who informed me, they even adjusted the growth rate by 0.2 percent, which is very good news,” said Roque.

Duterte’s economic team has attributed the economic growth to the sound fiscal policies put in place by the administration.

But for Roque, the growing economy is in part due to the stability being enjoyed by the country since Duterte assumed office.

“I think it is the type of stability that the country is now enjoying,” he said.

"It is stability that brings about predictability, which brings out business investor’s confidence. And that can be attributed to President Duterte’s administration,” Roque said. 

Ever since Duterte assumed office, he has been relentless in the war against illegal drugs, corruption and criminality earning for him the widespread support from the people.

President Duterte is also exploring ways to rein in peace throughout the country by initiating peace talks with rebel leaders in Mindanao and even with the New People’s Army (NPA) even the government forces successfully quashed attempts by ISIS to take control of Marawi City.

His Build, Build, Build program is also in full swing in which the administration is expected to spend P8.4 trillion on infrastructure until 2022, which economic managers said would further boost GDP growth.