By Earl Jed Roque/PNA
MANILA – Malacañang on Thursday said the government will work harder to achieve the economic growth target in 2019.
Presidential Spokesperson Salvador Panelo made this remark after the government missed its full-year economic growth target of 6.5 to 6.9 percent in 2018.
“Kapag may target ka at hindi mo nakuha eh siyempre medyo disappointed ka, (If you have target and you failed to hit it, of course you will be disappointed) but it doesn’t mean that you feel you’re such a failure. You work harder so that you can reach your target,” Panelo said.
Panelo said high inflation has prevented the government from hitting the economic growth target last year.
“Kasi ang tingin ko kung walang inflation rate na nagkaproblema mas mataas pa tayo sa target (I think if not of the inflation rate problem, we could have exceeded our target,” he said.
Despite slow performance, the country’s gross domestic product (GDP) expanded 6.2 percent in 2018, cementing the Philippines’ standing as one of Asia’s fast-growing economies, the government reported Thursday.
Socioeconomic Planning Secretary Ernesto Pernia said 2018 was the seventh consecutive year the Philippine economy sustained its growth of more than 6 percent.
Pernia said economic growth remained stable as it grew 6.1 percent in the fourth quarter last year from the revised 6 percent in the third quarter.
“Economic managers are very confident na (that) we are in the right track,” Panelo told the Palace reporters.
Panelo said the economic managers of President Rodrigo Duterte have been working now to neutralize “those adverse economic conditions”.
“The best is yet to come,” Panelo said.