by: Sarah Joson
Thursday, June 9, 2016 |
According to Budget Secretary Florencio Abad, the economic growth of the Philippines could increase to at least seven percent, driven by increased public spending and election-led expenses. He noted that the second quarter could post better growth figures.
The country’s gross domestic product (GDP) growth peaked at 6.9 percent during the first quarter, the highest quarterly growth since 2014. If projections are achieved, it will be the fastest since the 7.7 percent growth recorded in the first quarter of 2013.
Secretary Abad pointed out that for the second quarter, economic expansion was fuelled by faster procurement of public services and increased spending on the presidential elections last May 9. He added that the Department of Budget and Management has already developed a system to absorb big outlays which was downplayed during the succeeding years of underspending that affected growth.
Moreover, he said the economy’s performance could be further improved if the incoming administration will focus on attracting investments, support tourism, and bid out more solid infrastructure projects.