Philippines economic growth

Elections are no longer a major factor in Philippine economic performance, economists said, allowing the country to stay away from “boom-bust” growth cycles seen in previous administrations.

Economists also said a GDP growth of more than 6 percent is now possible for the Philippines despite the absence of election spending.

National Economic and Development Authority (Neda) Undersecretary for National Planning and Policy Rosemarie G. Edillon said this can be attributed to the Duterte administration’s ability to continue the projects and programs of previous administrations.

Edillon added the departure from the strategy of previous administrations to “start with a clean slate” has allowed the Duterte administration to sustain a GDP growth of above 6 percent even after an election year.

“This [decision to] continue projects in the pipeline allowed us to avoid a very drastic [economic] slowdown [after elections],” she told the BusinessMirror at the sidelines of the National Income Accounts (NIA) briefing in Pasig City on Tuesday.

Malacanang on Tuesday expressed elation over the 6.7 percent Philippines economic growth of that registered in 2017.

“It is something that we are very proud of. We’re elated,” Presidential Spokesperson Harry Roque said during regular Palace press briefing.

According to the Philippine Statistics Authority (PSA), the gross domestic product (GDP) grew by 6.6 percent in the fourth quarter, pushing the country’s economy to post 6.7 percent growth in 2017.

The economic performance is lower compared to 6.9 percent growth in 2016 but is still within the government’s target between 6.5 to 7.5 percent for 2017.

“Well it is still one of the fastest growing economies in the whole of Asia,” Roque said.

He said there is nothing wrong with the slight decrease which he explained “is negligible.”

Roque is certain that the Philippines economic growth has contributed to the sense of optimism of the Filipinos , 96 percent of them viewed the 2018 with optimism.

“It is also responsible for the all-time high approval rating of the President,” Roque said.

The government of President Rodrigo Duterte is eyeing higher economic growth target for 2018 as it accelerated the implementation of big ticket infrastructure projects under Build, Build, Build program. (PNA)