MANILA, Jan. 30 (PNA) — The Aquino government welcomed the report of the National Economic Development Authority (NEDA) showing that the country’s gross domestic product (GDP) grew by 7.2 percent in 2013 and assured it remains focused on achieving inclusive growth by reducing poverty and increasing social protection, a Palace official said.
“We are pleased to share with you NEDA’s report this morning that the gross domestic product of the country grew remarkably by 7.2 percent in 2013, exceeding the six to seven percent target despite the series of calamities and natural disasters that struck the country last year,” said Presidential Communications Operations Office Secretary Herminio Coloma Jr. during the regular press briefing in Malacanang on Thursday.
While GDP growth slowed slightly to 6.5 percent in the fourth quarter, Coloma said the Philippines remains one of the best performing economies in the region, second only to China which grew by 7.7 percent.
The Communications Secretary said the NEDA projects that the country will reach its GDP target of between 6.5 percent to seven percent for 2014.
“We will focus on growing exports, taking advantage of the improving global economy. We will also continue to reduce the cost and improve the ease of doing business to increase foreign direct investments,” Coloma stressed.
He said the government will improve linkages between agriculture and industry to boost the growth of these sectors.
“We are pleased to note that with manufacturing at the forefront, the industry sector achieved double-digit growth of 12.3 percent in the fourth quarter, and 10.5 percent for the full-year,” he said.
Coloma said the government seeks to promote increased and enhanced employment opportunities to fully harness the vast potential of the country’s highly-talented workforce.
He said infrastructure projects will be implemented vigorously, especially in the rehabilitation of calamity areas.
Major infrastructure projects, especially in the transport sector, will also be a significant growth factor, Coloma said.
“Most importantly, government remains focused on achieving inclusive growth by reducing poverty and increasing social protection. The updated Philippine Development Plan emphasizes the spatial or area-specific dimensions of development,” he said.
“Hence, government spending is directed at increasing the productivity and reducing the vulnerability of farmers, fisherfolk, and other marginalized sectors of Philippine society,” Coloma said. (PNA)