News Release

Palace touts upward trajectory of country’s economic growth


Malacañang on Tuesday, September 19, sees the economic growth of the Philippines to continue its upward trajectory.

In a press briefing in Malacañan, Presidential Spokesperson Ernesto Abella welcomed the latest assessment of Moody’s Investor Service.

“The latest assessment of Moody’s Investor Service affirming the country’s Baa2 rating and stable outlook signifies that our economic growth would continue its upward trajectory,” Abella said.

The Palace official noted that the country’s growth momentum is anchored on solid fundamentals coming from a robust industry and manufacturing growth of over 7 percent, a turnaround to growth for the agricultural sector and sustained growth in the service sector.

“The demographic sweet spot with more young and employed Filipinos create an emerging larger middle class with higher spending power,” he said.

The Palace official also cited the 2017 Brookings Financial and Digital Inclusion Project (FDIP) Report, where Philippines ranked 4th among 15 countries which provide accessible financial services to the public.

With an overall score of 76 percent, the Philippines remains to be Asia’s top financially inclusive country.

During the same briefing, the Palace official called on members of Congress to take after the simple lifestyle of President Rodrigo Roa Duterte.

“The President himself continues to observe a modest lifestyle and he seeks no special treatment whether inside or outside the Palace. We hope our colleagues in Congress, especially our allies, can bring themselves to do the same,” Abella said.

The Presidential Spokesperson meanwhile announced that a memorandum circular suspending work in government offices, both national and local, as well as classes in all public schools, state colleges, and universities will be issued.

On the other hand, suspension of work in private companies and classes in private schools in the affected areas will be left to the discretion of their respective heads.

Abella noted that certain government agencies will be required to provide standby emergency assistance near sites of protest actions.

 

Gov’t eyes streamlining of ‘Yolanda’ rehab plans

 

Assistant Secretary Jonas George Soriano of the Office of the Cabinet Secretary joined Tuesday’s press briefing and reported the government’s plan to streamline processes with regard to the rehabilitation of Typhoon Yolanda-affected provinces.

“The HUDCC Chair is working together with our Secretary so that we can bring down the number of years just to put up one house from two to three years to hopefully six months. And in fact, kung kaya mas lower,” he said.

Soriano said meetings regarding the rehabilitation are done in the area in a bid to achieve a direct engagement with the stakeholders in Leyte and Region 8.

With regard to the sub-committee on housing for Task Force Bangon Marawi, Soriano said they are looking at putting in place, together with Housing and Urban Development Coordinating Council chairperson Eduardo del Rosario and the National Housing Authority, the transitional housing within the next two months.

“Hopefully, this will also put in place in a way that we’re not only building houses or homes. But we’re also building communities,” he said.

Meanwhile, Soriano underscored that part of governance is making sure the mechanisms that run up to the Cabinet level are always and in constant flux of meetings “to make sure, not only that there are just discussion points, but make sure that the agendas are really made and put in place and actions are made.”

His office is in charge of making sure that the executive part of the organization of the President, through the Cabinet and its various aggrupations, are regularly meeting and providing the necessary mechanism for participatory governance and feedback as well.###PND