Palace banks on economic managers for GDP recovery
Malacanang said on Thursday that the country's economic managers are doing their job for gross domestic product to improve after slower growth in 2019.
In a press briefing, Presidential Spokesperson Salvador Panelo said the Palace was not worried despite the 5.9 percent GDP growth in 2019, slowest in eight years.
"Since the economic managers are saying we should not be worried, we believe," he said.
He said the government's economic managers are competent.
"They're doing their job very well," Panelo added.
He noted that when the inflation rate significantly increased in 2018, the economic team was able to come up with measures on how to temper it.
"Remember the inflation rate, they were able to control it before. They are doing several measures," Panelo said.
Meanwhile, despite the slower GDP growth in 2019 due to the delayed passage of the 2019 budget, Presidential Communications Operations Office Secretary Martin Andanar cited the administration's "determination to sustain the strong momentum of our economic growth."
He welcomed the 6.4 percent economic expansion in the fourth quarter of last year, saying it was "a good indicator that with the political will towards undertaking necessary reforms and programs, we can attain such achievement."
Andanar vowed that the government would continue its economic policies and programs for the betterment of Filipinos.
The Philippines posted 6.4 percent GDP growth in the fourth quarter, bringing the full-year economic expansion last year to 5.9 percent, slowest since 2011. Celerina Monte/DMS