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Economic development in the Philippines is proof of toughness and resiliency in the face of adversity

Acting presidential spokesperson, Cabinet Secretary Karlo Nograles, said Thursday that Malacaang regards the Philippine economy’s rise as proof of the country’s strength and perseverance in the face of numerous obstacles.

Despite dealing with the coronavirus disease (Covid-19) pandemic and natural calamities such as typhoons, the Philippine economy grew by 5.6 percent in the fourth quarter after growing by 7.7 percent in the previous quarter, according to the latest figures from the Philippine Statistics Authority (PSA).

“We praise our Economic Team for expertly managing the economy during these trying times, and we appreciate our people for their sacrifices, hard work, and faith in President Rodrigo Roa Duterte’s leadership throughout this trying time,” Nograles said in a statement.

According to the study, the country’s annual performance marginally exceeded the Development Budget Coordination Committee’s target range of 5% to 5.5 percent, with a GDP growth of 5.6 percent for the entire year 2021.

The National Economic and Development Authority (NEDA) also stated that despite the impact of Typhoon Odette, which affected full-year growth by an estimated 0.05 percentage point, GDP growth was achieved in the last three months of last year.

Nograles stated that the government will continue to pursue policies and reforms in order to construct a stronger economy and provide a “secure, healthy, and comfortable life” for Filipinos.

Nograles renewed his proposal for the Public Service Act to be amended, stating that it “would open crucial sectors to foreign investments, subject to safeguards.”

He also stated that the Palace supports the approval of the proposed Livestock Development and Competitiveness Bill, which aims to boost the livestock, poultry, and dairy industries’ competitiveness.

According to Nograles, the Philippine Innovation Act should be adopted to boost people’s productivity even further.

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