Malacañang on Thursday said it intends to translate economic gains into employment opportunities, poverty alleviation programs, and systemic improvement of Filipinos’ way of life.
The economic results for the first quarter would likely be sustained for the rest of the year, deputy presidential spokesperson Abigail Valte noted during a press briefing in Malacañang.
As the highest first quarter GDP growth in a non-election year since 2006, the first quarter GDP validates the optimistic outlook of the President and his economic team, said Valte.
Earlier in the day, acting National Economic and Development Authority (NEDA) director-general Arsenio Balisacan announced that the Philippine economy grew by 6.4 percent in the first quarter of 2012.
That was the second highest in Asia and the highest growth rate in the ASEAN region for the period, Valte said, citing NEDA statistics.
Subsequent quarters usually demonstrate more robust and dynamic performance for the economy, she noted.
She claimed that the better-than-expected economic growth reflect the sustained private sector confidence and higher government spending.
“There were healthy increases in the services sector, complemented by growth in exports and increases in household consumption expenditures,” she said.
The first quarter GDP report follows the upgrade of Philippine sovereign debt outlook to positive from stable, Valte noted.
“All indications point to the global economy’s continued confidence in the Philippines, as well as to a more optimistic outlook within the country,” she said.
“The hard work continues, on the firm foundations of these recent achievements,” Valte told reporters. —VS, GMA News