Palace touts upward trajectory of country’s economic growth

THE Philippine economy continues to draw in investors.

MALACAÑANG on Tuesday, September 19, said it sees the economic growth of the Philippines continue its upward trajectory.

In a press briefing, 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.