(File photo)
MANILA – Malacañang sees the growth of the Philippine economy as proof of the country's strength and resilience amid facing various challenges, acting presidential spokesperson, Cabinet Secretary Karlo Nograles, said Thursday.
The latest data from Philippine Statistics Authority (PSA) showed the Philippine economy expanded by 5.6 percent after recording 7.7 percent growth in the fourth quarter, despite struggling with the coronavirus disease (Covid-19) pandemic and natural disasters such as typhoons.
"We commend our Economic Team for deftly managing the economy through these turbulent times, and thank our people for their sacrifices, hard work, and faith in the leadership of President Rodrigo Roa Duterte during this challenging period," Nograles said in a statement.
Based on the report, the country's annual performance slightly exceeded the Development Budget Coordination Committee’s target range of 5 percent to 5.5 percent, with a full-year 2021 gross domestic product (GDP) growth of 5.6 percent.
The National Economic and Development Authority (NEDA) likewise said the GDP growth was achieved in the last three months of last year despite the impact of Typhoon Odette which reduced full-year growth by an estimated 0.05 percentage points.
Nograles said the government will continue to pursue policies and reforms to rebuild a stronger economy and provide Filipinos a "safe, healthy and comfortable life."
Nograles reiterated the call to the passage of amendments to the Public Service Act noting that it "would open key sectors to foreign investments, subject to safeguards."
He said the Palace also supports the passage of the proposed Livestock Development and Competitiveness Bill to improve the competitiveness of the livestock, poultry, and dairy sectors.
Nograles said the Philippine Innovation Act should be implemented to further improve people's productivity. (PNA)
