PH economy continues to 'beat expectations', says Palace

Malacañang said that the Philippine economy continues to beat expectations following reports of the economy's growth during the last quarter of 2021.


Cabinet Secretary Karlo Nograles made the statement after it was reported that the country's economy grew 7.7 percent in the fourth quarter of 2021, bringing the full year-year gross domestic product (GDP) growth to 5.6 percent.

In a statement, Nograles said the said growth is proof that the country's economy is strong and resilient.

"The Palace views the growth of our economy as evidence of the strength and resilience of the Philippine economy," he said Thursday, January 27.

" continues to beat expectations despite the challenges brought about by the COVID-19 pandemic and natural calamities like Typhoon Odette," he added.

He said the Palace commends the economic team for deftly managing the economy through turbulent times. He likewise thanked the public for their sacrifices, hard work, and faith in the leadership of President Duterte during this challenging period.

"We will continue to pursue policies and reforms as we rebuild a stronger economy, one wherein every Filipino enjoys a safe, healthy and comfortable life," he said.

To build a stronger economy, the acting Palace spokesman reiterated the administration's call for the passage of the Public Service Act which would open key sectors to foreign investments, subject to safeguards

Nograles likewise called for support for the proposed Livestock Development and Competitiveness Bill to improve the competitiveness of the livestock, poultry, and dairy sectors; and.

He added that Malacañang is still pushing for the implementation of the Philippine Innovation Act to improve the productivity of Filipinos.