Statement: Presidential Spokesperson Lacierda on the first quarter GDP growth for 2016

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Statement of Presidential Spokesperson Edwin Lacierda
On the first quarter GDP growth for 2016

[Released on May 19, 2016]

We welcome this morning’s announcement by the National Economic and Development Authority (NEDA) that our country’s GDP growth reached 6.9% during the first quarter of 2016. This is above market expectations, and is higher than the GDP recorded last quarter (6.5%) and also during the first quarter of 2015 (5.0%). Relative to other Asian economies that have already released their first quarter 2016 GDP growth data, the Philippines is now the fastest growing economy, followed by China (6.7%) and Vietnam (5.5%).

The NEDA report states that domestic demand continued to drive growth on the expenditure side. Sustaining its growth momentum, government final consumption reached 9.9%, as agencies continued to implement and expand various social protection programs. These include the DepEd’s basic education program, the DOH’s vaccination program, as well as other locally funded projects under the DILG.

On the production side, the NEDA report further states that industry grew by 8.7%, supported by a strong showing from all segments of the industry sector. Services, meanwhile, continued its acceleration to 7.9%, its highest growth since the second quarter of 2013. As with the industry sector, all segments under services likewise posted positive growth this quarter.

President Aquino has often articulated this administration’s guiding principle: to leave the country in a far better state than when he first found it. Indeed, the past six years have been about steering the Philippines along the Straight Path, where citizens can rest assured in a more effective, transparent, and inclusive government. With our peers in the international community having acknowledged our progress, it is now up to the next administration to build on the gains we have recently achieved—so that they may further redound to our nation’s improvement, for the benefit of generations to come.