MANILA – President Rodrigo Duterte’s administration will continue pushing for “effective” economic reforms to achieve its six percent to seven percent growth target for 2019, Presidential Communications Operations Office (PCOO) secretary Martin Andanar said on Thursday.
“The Duterte Administration is determined and committed in reaching our economic growth target expansion of between six percent to seven percent this year,” Andanar said in a statement.
“We will continue to foster an environment primed for investments, and reduce the remaining corruption and red tape in government agencies,” he added.
The Philippine economy grew faster than expected in the third quarter of 2019 as the government accelerated its spending.
The gross domestic product during the July to September 2019 period grew 6.2 percent, the Philippine Statistics Authority reported on Thursday.
The government is targeting a six percent to seven percent economic growth in 2019.
Andanar said the government’s ambitious “Build, Build, Build” infrastructure program fueled the improvement in the Philippine economy.
“We recognize the faster expansion of the Philippine economy recorded at 6.2 percent for the third quarter of this year. We attribute this to our aggressive ‘Build, Build, Build’ infrastructure program as seen by the uptick in government spending,” he said.
The “Build, Build, Build” program covers around 75 big-ticket infrastructure projects that will cost the government around P9 trillion.
The projects include the construction of airports, railways, bus rapid transits, roads and bridges, and seaports that will be implemented until the end of Duterte’s term in 2022.
The PCOO chief said the current administration would double its efforts to entice both local and foreign investors.
“We will also continue to boost our investment roadshows and promote the Philippines’ favorable economic climate to attract investors both foreign and domestic,” Andanar said.
“These effective economic reforms introduced by President Rodrigo Roa Duterte will ensure that the Filipino people have a comfortable life for the medium and long term,” he added. (PNA)