6% GROWTH NO CAUSE FOR CONCERN, SAYS PALACE

Even with the local economy growing at its slowest pace in three years, Malacañang said there was no need to fret about the 6-percent economic growth in the second quarter of 2018.

Presidential spokesperson Harry Roque on Friday said the country’s economic growth was still high even though the government was unable to meet its targets

“Everything is good. We were not able to meet our desired targets but our targets are really very high,” he said in a radio interview. “Everything is under control. Everything is a go.”

Earlier, the Philippine Statistics Authority said the economy grew by 6 percent in the second quarter of 2018, failing to meet the government’s target of 7 to 8 percent.

The economy grew by 6.6 percent in the first quarter.

Boracay’s closure

Socioeconomic Planning Secretary Ernesto Pernia blamed the slowdown on the temporary closure of Boracay for rehabilitation, higher prices and stricter regulations in the mining sector.

Malacañang defended Boracay’s closure and said it would not apologize for prioritizing the environment.

Roque maintained that the government could not control spiralling oil prices that critics said were causing the upsurge in the prices of basic goods.

“Six percent is still high. There is no cause for concern … Even if we are completely dependent on oil imports, with oil costs almost doubled, the economy still grew 6 percent,” he added.