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Tuesday, September 27, 2022

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Slowest economic growth of 6% in 3 years still good

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Amidst the slowest growth in our economy for the past three years, Malacañang said there was no need to worry about the 6-percent economic growth in the second quarter of 2018.

Harry Roque, Presidential Spokesperson said the country’s economic growth was still high even though the government was unable to meet its targets.

Roque said, “Everything is good. We were not able to meet our desired targets but our targets are really very high,” he said in a radio interview. “Everything is under control. Everything is a go.”

The Philippine Statistics Authority said the economy grew by 6 percent in the second quarter of 2018, failing to meet the government’s target of 7 to 8 percent. In the first quarter however, the economy grew by 6.6 percent.

According to Socioeconomic Planning Secretary Ernesto Pernia, the slowdown on the temporary closure of Boracay for rehabilitation, higher prices and stricter regulations in the mining sector. greatly affected our economy.

Under normal process, there must be really a transition plan. But Malacañang defended Boracay’s closure and said it would not apologize for prioritizing the environment.

Roque said that the government could not control spiralling oil prices that critics said were causing the upsurge in the prices of basic goods.

“The Six percent is still high. There is no cause for worry… Even if we are completely dependent on oil imports, with oil costs almost doubled, the economy still grew 6 percent,” said in closing.

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