Economy to speed up on second half of 2018 – Palace

The government is determined to push for stronger economic growth in a bid to generate better jobs and improve the plight of Filipinos.

Presidential Spokesman Harry Roque issued the statement after the Department of Finance (DOF) remained bullish about a faster economic growth in the second half of the year.

"The Philippine economy is set to grow faster in the second half of 2018," Roque said during a Palace press briefing.

"We assure the public that the government will sustain these very promising economic numbers for the remaining half of 2018 in order to provide better jobs and more

comfortable lives for more Filipinos,” he added.

Roque said the country's economic growth forecast would be driven by higher public spending, increased exports, improved revenue collection, among others.

"According to the Department of Finance (DOF), the faster growth expectation in the second half of 2018 is supported by an increase in government expenditure which reached 19.47% -- the highest first semester expenditure since 2013," he said.

The country also gained the highest tax effort of 15.23 percent for the first six months of 2018. Exports of goods and services, on the other hand picked up to a double-digit growth of 13 percent for the second quarter compared to 6.5 percent in the first quarter.

"On top of these economic gains, the Philippines after an 8-year break, was also successful in returning to the Samurai bond market," Roque said.

Malacañang earlier assured the public that there was nothing to worry about the 6 percent economic growth in the second quarter of 2018, which it claimed was still high.

The economy grew by 6 percent in the second quarter of the year, falling short of the government target of 7 to 8 percent. The result was slower than the 6.6 percent growth recorded in the first quarter.

"Everything is good… everything is under control," Roqueassured the public despite the economic slowdown in the last quarter.