PH economy grows 6.5%; agriculture up 6.3% too

THE government said the Philippine economy grew by 6.5 percent in the secondquarter, slightly stronger than 6.4 percent in the first three months.

Economy remains on track as one of the fastest-growing in Asia, economists claimed.

*** The Philippine Statistics Authority (PSA) reported that the Aprilto-June Gross Domestic Product (GDP) figure brought the country’s year-to-date economic expansion to 6.4 percent, slightly below the government’s target range of 6.5 percent to 7.5 percent

Robust public spending in the second quarter and rebound of the agriculture gave the needed push, experts said.

*** Socioeconomic Planning Secretary Ernesto Pernia said the country remains on track to meeting its fullyear goal despite the below target GDP, as actual GDP rose higher than Vietnam and Indonesia.

“This puts the country as either the second or the third fastest growing major Asian economy, next only to China whose growth rate is 6.9 percent,” Pernia added.

*** Finance Sec. Carlos G. Dominguez added that 6.5 growth “is a solid proof that the administration has been making the right moves at the right time.”

He cited that household consumption grew by 5.9 percent in the second quarter as compared to 5.8 in the first quarter while government spending dramatically jumped 7.1 percent from only 0.1 percent during the same period.

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Agriculture Sec. Manny Piñol also reported that the farm sector rose up by 6.3 percent during the quarter ending June due to strong palay, corn, sugarcane, and poultry productions.

Yes to more food on the table at cheaper prices. No to animal disease outbreak!

*** Senator Cynthia Villar asked Department of Justice Sec. Vitaliano Aguirre to file charges against wealthy rice and garlic smugglers who cheat both the government, farmers, and consumers.

Yes, file cases and jail them, as Villar has demanded.

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As to the overall economy Dominguez said: “We are optimistic… Build, Build, Build (would) induce the multiplier effects on the domestic economy of more jobs, greater investments and improved connectivity across the regions.”

Yes to optimism. Yes to economic take-off and progress.

*** Presidential spokesman Ernesto Abella said that as per go-signal of President Duterte, the Philippine government is open to conducting joint exploration in the West Philippine Sea with any foreign entity.

Economic cooperation is better than conflict and war.

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Foreign Affairs Sec. Allan Peter Cayetano said that no loss of sovereignty or national interest would be involved as “any venture” must be compliant with the Philippine Constitution and local laws.

Yes to proper observance of both domestic and international law. Yes to joint ventures beneficial to the Filipino people.