Philippine GDP at 5.6%, slowest in 16 quarters: Pernia

May 9, 2019

The Philippine economy grew at its slowest pace in 16 quarters due to failure to pass the 2019 budget, Socioeconomic Planning Secretary Ernesto Pernia said Thursday.

Gross domestic product grew by 5.6 percent in the first quarter of 2019, the slowest since 5.1 percent during the first quarter of 2015, said Pernia.

''As we have forewarned repeatedly, the re-enacted budget would sharply slow the pace of our economic growth,'' said Pernia in a statement.

President Rodrigo Duterte approved the 2019 budget in April.

The growth figure and inflation reported on Tuesday are expected to prod the central bank to cut interest rates as its policy-setting committee meets Thursday afternoon. DMS