MALACAÑANG welcomed reports that the Philippine economy grew by 6.8 percent in the fourth quarter of 2012, assuring that the Aquino government will continue to work even harder to maintain the economy’s upward trajectory, a Palace official said.
Presidential Spokesperson Edwin Lacierda issued the statement during the regular press briefing in Malacanang on Thursday following reports that the country’s Gross Domestic Product (GDP) grew by 6.8 percent due to the robust performance of the services sector led by trade and real estate, renting and business activities as well as the substantial improvements in manufacturing and construction.
"The Philippine economy grew by 6.8 percent in the 4th quarter of 2012, bringing full-year growth for 2012 to 6.6 percent. This is higher than the government’s official target of 5 to 6 percent," Lacierda said.
"What is particularly important to note is that while growth was initially driven by government stimulus, it is now being increasingly driven by private sector activity, including investments, which grew by 8.7 percent in 2012. This means growth is becoming more sustainable from a fiscal and macroeconomic perspective," Lacierda noted.
Lacierda said the continued growth of the GDP is proof of the country's ability to sustain a united march towards equitable progress.
"Private sector activity has been enabled by the Aquino administration’s dedication to positive reform. Without doubt, good governance means good economics," Lacierda stressed.
"The administration’s vision for the economy has always been to ignite a virtuous cycle of growth and empowerment—to enable business and enterprise to flourish; to open doors of opportunity for each citizen; and to invest in them so that they can truly take hold of their own destinies," he said. (PND)