‘Q4 growth shows Philippine economic resilience’

MANILA, Philippines — The fourth quarter growth reflected the resilience of the Philippine economy, Malacañang said yesterday as it called for the implementation of measures that would lure more investments and enhance the competitiveness of key sectors.

The Palace views the growth as evidence of the strength and resilience of the Philippine economy, which continues to beat expectations despite the challenges brought about by the COVID pandemic and natural calamities like Typhoon Odette, according to presidential spokesman Karlo Nograles.

The economy grew 7.7 percent in the fourth quarter of 2021, bringing full year gross domestic product growth to 5.6 percent.

“We will continue to pursue policies and reforms as we rebuild a stronger economy, one wherein every Filipino enjoys a safe, healthy and comfortable life,” Nograles said.

The Palace called for the passage of amendments to the Public Service Act, which seeks to open key sectors to foreign investments, subject to safeguards.

It also cited the need to support the livestock development and competitiveness bill, which aims to strengthen the livestock, poultry and dairy sectors as well as the implementation of the Philippine Innovation Act, which seeks to improve the productivity of Filipinos.

“We commend our economic team for deftly managing the economy through these turbulent times, and thank our people for their sacrifices, hard work, and faith under the leadership of President Duterte during this challenging period,” Nograles said.