President Rodrigo Roa Duterte welcomed on Monday the report of financial news site Bloomberg about the Philippines latest gross domestic product (GDP) growth, calling the development a “beautiful blessing”.
Bloomberg reported a 7.1-percent increase in the country’s third quarter year-on-year GDP.
GDP is the total monetary or market value of all the finished goods and services produced within a country’s borders in a specific time period. As a yardstick of overall domestic production, it functions as a comprehensive scorecard of a country’s economic health.
During his weekly public address on government interventions on COVID-19, the President said the country’s latest GDP growth reported by Bloomberg is a sign that the economy is heading back to its pre-pandemic levels.
“Napakaganda naman ng biyaya ng Diyos ito. The growth was due to strong household consumption during this pandemic and our economic — and our economy can soon return to its pre-pandemic performance,” he said.
“This is truly a good and welcome news because it affirms that our strategies are correct in balancing health and economy.”
But he reminded the Filipino public that although the government appears to have gained momentum against the virus and able grow the economy, much remain to be done.
The virus is still active and continues to pose as a threat to the people and nation, he stressed. “Kaya ipagpatuloy po natin ang mask, hugas, iwas — bakuna pa rin ang importante sa proteksiyon.”
The Philippine Statistics Authority (PSA) attributed the improved GDP performance to increased wholesale and retail trade, repair of motor vehicles, manufacturing, and construction.
Robust household final consumption expenditure was the primary mover of the third-quarter expansion, according to the agency. PND