THE Aquino administration welcomed reports that the Philippine economy, as measured by the Gross Domestic Product (GDP) expanded by 7.8 percent in the first quarter of 2013, assuring that it remains focused on fostering inclusive growth.
Deputy Presidential Spokesperson Abigail F. Valte issued the statement during the regular press briefing in Malacanang on Thursday after the National Statistics Coordination Board (NSCB) reported that the Philippines’ GDP grew by 7.8 percent—the highest quarterly growth rate posted under the Aquino administration.
Valte said that the GDP figure is also the highest in a non-presidential election year since 1988.
"Based on initial readings, our economy outperformed that of all Asian economies in terms of first quarter growth, including China, which grew by 7.7 percent, Indonesia, which grew by 6.0 percent, and Malaysia, which grew by 4.1 percent. These results surpassed almost all market expectations," Valte said.
"Growth was felt in almost all sectors, most notably in local manufacturing, which grew by 9.7 percent. The continuation of government public expenditures was also key, increasing by 13.2 percent. This was helped by the growth in government spending in public construction, which expanded by 45.6 percent. By expenditure, capital formation likewise grew by 47.7 percent," she said.
Valte said the business confidence and consumer optimism fuelled the GDP growth.
"Without doubt, the confidence of both investors and consumers remains strong, as economic activity accelerates even in an uncertain global economic climate," she stressed.
Since the Aquino administration took office, the government has been working to drastically expand social safety nets to help the most vulnerable sector in country.
"Most noteworthy is the four-fold increase in the budget of the Pantawid Pamilyang Pilipino Program, which to date has helped more than 3.9 million Filipino households. The recent election results show that the public has confidence in the President, and agrees with the direction the country is going," Valte said.
The Aquino administration will continue to promote and expand policies that lead to a Philippines where no one is left behind, Valte said. (PND)