Despite the increase in prices of commodities, the Philippine economy grew by 6% in the gross domestic product (GDP) in the second quarter of this year.
This performance puts the country in the third spot among the countries in Asia following Vietnam and China.
However, according to the National Economic and Development Authority (NEDA), the Philippine economy slowed down due to some policy decisions, like the Boracay closure last April.
“For the first quarter tourist arrival by 14%. Second quarter tourist arrival increased by 5%. So lumaki yung drop but it’s still positive,” said NEDA Usec. Rosemarie Edillon.
“There are also multiplier effects of the closure of Boracay, not just on the economy of that island itself but it also has other effects,” Socioeconomic Planning Sec. Ernesto Pernia.
Philippine Statistics Authority Usec. Lisa Grace Bersales also said that the agriculture performance also contributed to the economic slowdown.
“Yung atin palang palay farmers usually nag-haharvest sila ng second quarter. Ang ginawa nila nag-harvest na pala sila sa first quarter. Kaya yung performance nila na-capture sa first-quarter economic growth,” said Bersales.
The official added that the control of mining companies over metal productions like nickel, is also a factor.
Tobacco consumption also decreased due to the effect of sin tax law.
Though the country’s economic growth is still looking sound, Bersales said, it will take time for the common citizens to feel its impact.
“Anong mga sector ang apektado? Yung agriculture sector. Yung mga Boracay area for tourists. doon yung mararamdaman nila talaga na nag slowdown,” said Bersales.
Malacañang, meanwhile, remains unperturbed over the fall in the GDP growth.
Presidential Spokesperson Harry Roque said this rate is still high, reiterating that the administration’s policy does not only rely on economic and financial aspects.
“The President, of course, will exercise the powers of the state — the police powers to protect also the environment and he has given higher priority to the protection of the environment and he makes no apology for it. If GDP will further fall because of the desire of the President to protect the environment, so be it. We are investing in the future and not just in the present.” — Rey Pelayo | UNTV News & Rescue