Duterte brings stability to PH economy: Nograles

MANILA -- The 6.5-percent gross domestic product (GDP) growth posted by the country in the second quarter of the year proves that President Rodrigo Duterte brings stability to the Philippine economy, a House leader said on Friday.

House Appropriations Committee Chair and Davao City Rep. Karlo Nograles said the 6.5-percent growth rate, which incidentally rounded up Duterte's first full year in office, shows the President has the "managerial chops" to bring the Philippines to the next level amid criticisms.

"No doubt about it, the 6.5 percent growth rate is solid proof that President Duterte is applying the proper approach in dealing with the country's deeply-rooted problems," said Nograles.

"The latest growth in GDP has placed the Philippines ahead of other Southeast Asian nations that have released their figures for the second quarter. The country is now next to China in terms of economic growth," Nograles added.

The second quarter figure is an improvement from the 6.4 percent growth posted during the first quarter of the year. The Philippines achieved the growth rate amid a depreciating peso.

"As we all know, the President did everything to earn the confidence of the economic sector in particular, and the public in general. Those are the bigger reasons behind the surge in our productivity as a country," Nograles said.

Nograles cited the agriculture sector and Duterte's finance team for their contributions in boosting the country's GDP performance.

Last quarter's growth followed China's 6.9-percent growth but overtaken Vietnam's 6.2 percent and Indonesia's 5-percent growth rates during the period.

The Philippine Statistics Authority (PSA) reported that industry sector recorded the fastest growth at 7.3 percent.

Services slowed down to 6.1 percent in the second quarter compared with its 8.2-percent growth during the same period last year.

Agriculture recovered with 6.3 percent growth from 2 percent decline in the previous year.

April to June quarter figure brought the gross domestic product (GDP) growth for the first semester to 6.4 percent.

Source: Philippine News Agency