MALACAÑANG bared the significant growth in the country’s economy that were attributed to the continued confidence by the private sector on the Aquino administration, including the increase in exports and the increase in expenditures by the Filipino people.
In a regular press briefing in Malacanang on Thursday, Deputy Presidential Spokesperson Abigail Valte read a statement on the country’s Gross Domestic Product (GDP) growth in the first quarter of 2012 which, she said, was the highest in Asia and in the entire Association of Southeast Asian Nations (ASEAN) region.
“The Philippine economy grew by 6.4 per cent in the first quarter of 2012. The better than expected economic growth was due to sustained private sector confidence and accelerated government spending. There were healthy increases in the services sector, complemented by growth in exports and increases in household consumption expenditures,” Valte said.
“The first quarter GDP figure validates the optimistic outlook of the President and his economic team. It is the highest first quarter GDP growth in a non-election year since 2006; the second highest in Asia; and the highest growth rate in the entire ASEAN region for this period,” she added.
“We are confident that the positive trajectory of our GDP growth will be sustained in the latter quarters of this year, which has traditionally demonstrated more robust and dynamic economic performance. Moreover, this affirmation of our country’s steady advance toward inclusive growth comes at the heels of Moody’s Investors Service upgrade of our credit outlook to positive from stable. All indications point to the global economy’s continued confidence in the Philippines, as well as to a more optimistic outlook within the country,” Valte explained.
At the height of these achievements, Valte assured that the government will continue to pursue its reform agenda and efforts to ensure the improvement of the lives of the Filipinos.
“The hard work continues, on the firm foundations of these recent achievements. As the Aquino administration has been resolute in carrying out its agenda of reform and in institutionalizing good governance, it will continue to be equally steadfast in translating our economy’s gains into employment opportunities, programs geared toward poverty alleviation, and the systemic improvement of the way of life of Filipinos,” Valte noted. (PCOO)