bin picking-Economy on ‘quality, sustainable’ growth path, officials say
Workers walk on concrete columns at a construction site in Manila. Mark Demayo, ABS-CBN News/File
MANILA — The quality of economic growth is "improving" and will be sustained on the back of the government's P8-trillion infrastructure program, officials said Friday.
The 6.8-percent expansion in the gross domestic product in the second quarter is second only to India and Vietnam and at par with China, Socioeconomic Planning Secretary Ernesto Pernia said.
It also marked the tenth consecutive quarter for GDP growth to come in at 6.5 percent or higher, he said at an economic forum 3 weeks before President Rodrigo Duterte's third State of the Nation Address.
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The economy is undergoing "structural reform" with investments and consumption rising and with the resurgence of manufacturing. Pernia said.
The 20-percent increase in manufacturing volume last May was "especially noteworthy," he said.
"This means the quality of economic growth is improving, which implies it is sustainable," he said.
"The massive infrastructure program, 'Build, Build Build,' should contribute to growth in the following quarters or years," he said.
The spike in consumer prices is "temporary," Pernia said.
Finance Secretary Carlos Dominguez said the economy was "on course" towards "inclusive development."
"We are clearly building on a strong momentum," he said.
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