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Palace says PHL economy ‘back on track’ after Q3 GDP growth

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The Duterte administration is “back on track” on its socioeconomic agenda after the country’s gross domestic product for the third quarter of 2019 grew to 6.2%, Presidential spokesperson Salvador Panelo said Thursday.

Data released by the Philippine Statistics Authority showed that the service sector posted the fastest growth with 6.9%, followed by industry (5%) and agriculture (3.1%). 

“We laud everyone in the Duterte administration, specifically the members of the economic team, for maintaining our 6% or above ‘fighting target’ for economic growth in 2019,” Panelo said in a statement.

“Simply put, this means that we are back on track with President Rodrigo Roa Duterte’s socioeconomic goal, including the objective to lower poverty incidence to 14% by the end of his term in 2022,” he added.

The 6.2% GDP is higher compared to the 6.0% recorded in the same period last year and 5.5% posted in the second quarter.

“This development illustrates [the administration’s] competence in other fields, such as protecting the health of the nation's economy notwithstanding inevitable setbacks it has encountered in the past,” Panelo said. —LDF, GMA News

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