LEGAZPI CITY, Nov. 18 (PNA) -- Albay second district Rep. Joey S. Salceda said the infrastructure spending, peace initiatives and economic reforms of the Department of Budget and Management under the administration of President Rodrigo Duterte have helped spur the fast economic growth of the country in the third quarter this year.
According to a report of the Philippine Statistics Authority (PSA), the Philippine economy grew by 7.1 percent in the third quarter of 2016, much better than China, Vietnam, Indonesia and Malaysia. It noted that the Philippines’ Gross Domestic Product or GDP was higher than China’s 6.7 percent, Vietnam’s 6.4 percent, Indonesia’s 5 percent and Malaysia’s 4.3 percent.
Salceda said the Philippines showed the fastest growth in Asia with “83 percent in the national government’s infrastructure spending in September …indicative of the third quarter’s performance.”
He cited the big contributions of the Overseas Filipino Workers (OFWs) to government’s coffers as another factor for this fast economic growth. Salceda said the OFWs, who constitute the “bulwark” of the new administration’s support have remained “strong contributors” for the higher growth.
He said the new government’s peace initiatives with the communist rebels and the Muslim groups have also earned “dividends” for the administration and “should boost business activities and investments in so-called “green field areas.”
Salceda added that the fast economic growth “on the supply side… was led by manufacturing's resurgence with industry growth of 8.6 percent now exceeding services at 6.9 percent" while citing the modest recovery of agriculture. (PNA) LAP/RHAYDZ B. BARCIA/RSM