By Leslie D. Venzon
MANILA, June 9 (PNA) — President Benigno S. Aquino III has directed Cabinet secretaries to accelerate the pace of government spending in order to regain the country’s 6.3 percent average growth achieved in the last five years.
The country’s gross domestic product (GDP) slowed down to 5.2 percent in the first quarter of 2015 from last year’s 5.6 percent due to weak government spending and lower exports.
“He (President) noted the continuing expansion of fiscal space due to good governance and the sound management of macroeconomic fundamentals that has earned the country investment-grade ratings and sustained high confidence levels in the growth prospects of the Philippine economy,” said Presidential Communications Operations Office (PCOO) Secretary Herminio Coloma Jr.
Coloma said President Aquino directed the Cabinet to exert maximum efforts to continually meet the people’s expectations on delivery of responsive public service.
“And ensure that the attainment of an annual GDP growth that will match if not surpass the 6.3 percent average growth achieved in the last five years,” he said.
During their meeting, Coloma said the Cabinet secretaries presented their respective programs to meet the government’s targets on economic growth, while allocating the largest portion of the national budget to social services and poverty reduction. (PNA)