Philippines posted a 6.7% economic growth in 2017 under Duterte

The numbers for the first complete economic  year under the Duterte administration has just been released.

As if it was a report card for President Rodrigo Roa Duterte, official numbers  are not lying- the President passed. The Philippine economy under Duterte grew 6.7 percent in the year 2017. The numbers for the 4^th quarter of 2017 was also released and during such time the country’s economy expanded 6.6 percent.

Not bad for a President that the critics have labelled as “addicted” to his anti-drug war and has no brains/economic program for the economic progress of the Philippines as a whole.  *

President Duterte and his economic team is doing everything to make the lives of the common Filipino better (photo credit to owner)

 

Early this week the  Philippine Stock Exchange index (PSEi) posted a new record high, it posted 0.39 percent, or 34.70 points, to 8,950.62 points.

Data released by the PSE showed that the latest PSEi closed numbers was an improvement from its previous all-time high close of 8,923.72 points hit last Jan. 9.

The PSEi also posted on Monday its new record intraday high of 8,975.12 points, higher than the 8,969.18 points registered last January 16.

In a press conference, National Statistician Lisa Grace S. Bersales said that the gross domestic product (GDP) growth in the fourth quarter was at 6.6 percent.

One of Duterte’s trusted adviser regarding the economy during the campaign period last year, currently holds the critical position in government- Ernesto Pernia was appointed by the president to head the National Economic and Development Authority (NEDA), he is currently the Director General and Socioeconomic Planning Secretary of NEDA.

NEDA Director Gen. Pernia said the the Philippines remains one of the fastest growing economies in the Asian region after China’s 6.9 percent and Vietnam’s 6.8 percent.  Also he added that among the major economic sectors are as follows, industry recorded the fastest growth of 7.3 percent in the fourth quarter, followed by services which grew 6.8 percent. The Agriculture sector under the leadership of Emmanuel Piñol posted a growth of 2.4 percent, rebounding from a 1.3-percent decline in the same quarter of the previous year.   *

The Duterte administration has addressed critical aspects in government that would serve as the much needed stimulus to further improve the Philippine economy, early this year president Duterte signed the Tax Reform for Acceleration and Inclusion (TRAIN) Act (RA 10964), which he said is the fulfillment of his campaign promise to institute genuine fiscal reforms that would be felt by every Filipino.

“Revenues from the TRAIN will fund our priority projects to ensure a quality education, including free tuition in state universities and colleges, equally, quality health care, social protection and conditional cash transfers, improved infrastructures to the Build, Build, Build program and the reconstruction of Marawi,” the President said.

 

Report from PNA