Palace welcomes Moody’s positive report on PHL economy

MANILA-- Malacanang on Tuesday welcomed the international credit rating firm Moody's latest forecast that the Philippines' economy likely grew by 7.05 percent in the final quarter of 2016.

"We welcome the most recent report released by the global debt watcher, Moody's, stating that Philippine economy likely grew by 7.05 percent in 2016," Presidential Spokesperson Ernesto Abella said in a press briefing.

Abella said Moody's forecast is higher than government's gross domestic product (GPD) forecast of 6 to 7 percent in 2016.

"This is consistent with the government's effort to reach a target of 6 to 7 percent growth for the whole year of 2016 to 2017," Abella said.

The Moody's noted that the Philippines' GDP growth has accelerated for the last seven quarters.

"The main driver of output growth will continue to be domestic demand, with private consumption and investment both expanding rapidly," Moody's said as quoted by newspaper The Manila Standard.

"The Palace assures the Filipino people that the continued economic growth will be sustained through boosting infrastructure spending, creating more jobs, easing the cost of doing business, and reducing the poverty incidence rate," Abella said.

He also said the clear and consistent economic stance of President Rodrigo Duterte is "to make economic growth not only sustainable but also inclusive."

The Philippines' GDP data, including the fourth quarter and the year 2016, is expected to be out on Thursday. (PNA)

Source: Philippines News Agency