Despite 6.4 % growth, Philippines on track to meet 2017 GDP growth goal: DOF

May 18, 2017

Finance Secretary Carlos Dominguez III is optimistic the Philippines ​remains​ on track to meet its full-year growth target of 6.5 percent to 7.5 percent, after the National and Economic and Development Authority (NEDA) reported on Thursday gross domestic product grew 6.4 percent in the first quarter. “GDP expansion in the year’s first three months illustrates that growth remains steady and could gain momentum for the rest of the year," said Dominguez, "partly as a result​ of this administration’s ‘Dutertenomics’ strategy to stimulate economic activity and achieve financial inclusion for all Filipinos in the long haul via an aggressive expenditure program on infrastructure, human capital formation and social protection.” “We hope our legislators could help Malacañang sustain the growth momentum this year and onwards by acting soon enough on the first package of the CTRP (Comprehensive Tax Reform Program) that is now pending in the Congress, as it will help guarantee a steady revenue stream for the Duterte administration’s high—and inclusive—growth agenda,” said Dominguez. ​The House of Representatives is set to start plenary deliberations next week on the substitute bill covering CTRP's first package, to which the chamber's Committee on Ways and Means gave its final approval last May 15, with the House leadership eyeing its passage--and referral to the Senate--before the Congress goes on its sine die adjournment in June. DMS​