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

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