Cabinet ‘pleased’ with growth in all PH regions in 2018: Palace

President Rodrigo Roa Duterte presides over the 38th Cabinet Meeting at the Malacañan Palace on June 10, 2019. ROBINSON NIÑAL JR./PRESIDENTIAL PHOTO

MANILA — Malacañang on Tuesday said Cabinet members have lauded the positive growth rate recorded in all regions of the country in 2018.

“Cabinet members were pleased to note that all 17 regions posted a positive growth last year,” Presidential Spokesperson Salvador Panelo said in a statement.

Panelo said National Economic and Development Authority (NEDA) Director General and Socioeconomic Planning Secretary Ernesto M. Pernia and Undersecretary Adoracion M. Navarro talked about the figures of the 2018 Gross Regional Domestic Product in the 38th Cabinet meeting held Monday.

“They reported that the country continues to be among the fastest growing economy, only behind India, China and Vietnam,” he said.

“In 2018, the country posted a 6.2 percent growth in gross domestic product (GDP) and in the first quarter of 2019, to 5.6 percent,” he added.

With the 6.2 percent GDP growth, the Philippine economy further cemented its position as one of Asia’s top performers.

Pernia has considered last year’s economic performance as a “firm finish” as the country trailed behind India, Vietnam and China while overtaking Indonesia and Thailand in the first three quarters of 2018.

Malacañang earlier expressed confidence that the target GDP growth rate for 2019 will be achieved.

Panelo earlier attributed the slowdown in the recent first-quarter GDP growth figures to the 2019 national budget impasse between the two houses of Congress.