Friday, 02 December 2011 10:39
President Benigno S. Aquino III said Thursday that while the country’s third quarter gross domestic product (GDP) growth was slower than expected, the Philippines remains stable and investors continue to put their money in the country.
The Japanese production shortfall following major disasters, the Middle East instability, the Eurozone crisis, and the American economic slowdown have affected the Philippines economically, the President said in an interview at the Palace Thursday morning.
The President said the stimulus package that he announced recently was meant to ameliorate all of the effects brought about by what had been happening in the world economy.
The country is still lucky because while many countries received downgrades from leading ratings agencies, the Philippines has been upgraded, which means good financial stewardship of the present government.
“Paalala lang po,: habang na-downgrade ang maraming bansa, na-upgrade naman po tayo ng mga ratings agencies, but we don’t exist in a vacuum. Part of our production is tied in the world economy,” the President said.
Asked by reporters about the need to augment the P72-billion stimulus package because of the deepening Euro crisis and the continuing US slowdown, the President said his administration hopes to do that and marches towards that goal.
For instance, the Department of Education made substantial improvements in putting up more classrooms and it is very close to meeting its target for this year, he said. Hopefully that will lay the basis for an expanded school-building program for next year, he said.
Infrastructure spending by the Department of Public Works and Highways was also good, the President said adding that the department now had safeguards to prevent leakages.
“So we did not spend unwisely, I think we spent wisely and we’ll have more acceleration in the second semester,” he said referring to infrastructure spending.
Early this week, the National Economic and Development Authority (NEDA) announced that the country’s third quarter GDP grew by 3.2 percent.
Although it did not include the P72-billion stimulus package announced by the President, the growth figure was below the projected 3.8 to 4.8 percent target by the government.
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