Manila,
Philippines - President Aquino assured the public yesterday that his government was
committed to ensure inclusive growth benefiting all sectors as the country’s
gross domestic product grew 6.4 percent in the first quarter of the year.
“I am
sure you’ve heard the good news that our economy grew by 6.4 percent in the
first quarter of 2012 – the highest growth rate in the ASEAN (Association of
Southeast Asian Nations) region for this period, the second highest growth rate
in Asia, and the highest first quarter GDP growth in a non-election year since
2006,” Aquino said in Iloilo City where he led the First Philippine
International River Summit.
“As you
know, inclusive economic growth is one of the foremost priorities of our
administration – this means that no one, and no sector, is left behind. After
all, what is economic growth if not ensuring that each and every sector –
including the water sector – works and grows the way it should?” Aquino said.
The
Philippine economy’s growth was its strongest quarterly pace in two years,
powered by accelerated government spending, sustained private sector confidence
and an export rebound.
Government
consumption rose 24 percent in the first quarter from a year ago, the highest
in at least two years, and exports reversed two quarters of decline to post
their fastest growth since the fourth quarter of 2010.
According
to Budget Secretary Florencio Abad, the growth was driven further by accelerated
government spending, particularly in public construction activities, which rose
to 62.2 percent from the first quarter 2011 figure of 37.9 percent.
First-quarter
growth was further buttressed by government spending for key anti-poverty and
social programs, including the conditional cash transfer program of the
Department of Social Welfare and Development, salary increases pushed by the
Aquino administration under the Salary Standardization Law 3 and priority
programs for rice and other agricultural products.
Abad
said the robust government consumption was fueled by speedy releases for
Maintenance and Other Operating Expenditures (MOOE) and landmark budgetary
reforms advanced by the Department of Budget and Management (DBM).
He
noted the DBM would increase pressure on departments and agencies to accelerate
the movement of obligations and disbursements.
Unobligated
funds for projects will be allotted instead to fast-moving projects to sustain
the current expenditure pace.
The
government had earlier gave assurance it would invest in key infrastructure
projects to create jobs while trying to directly subsidize the poor through CCT
(conditional cash transfer) to alleviate hunger and poverty.
Last
week, Metro Pacific Investments Corp. (MPIC) chief Manuel Pangilinan and San
Miguel Corp. (SMC) president Ramon Ang unveiled before President Aquino the
North and South Luzon Expressways (NLEX and SLEX) connector project with an
eight-kilometer harbor link and Skyway 3.
The
NLEX-SLEX that MPIC seeks to build will connect the north and south ports,
Ninoy Aquino International Airport and Clark freeport, providing a separate
road and faster inter-regional movement of people and goods between Central
Luzon and Metro Manila.
The SMC
project for Skyway 3 is being undertaken as a continuation of the existing
franchise of the Philippine National Construction Corp. (PNCC).
The
National Economic and Development Authority board chaired by Aquino also
approved on Wednesday the implementation of phase 2 of the Ninoy Aquino
International Airport (NAIA) Expressway project and the National Sewerage and
Septage Management Program.
The
government has also allotted P2.7 billion for the upgrading of the 35-year-old
Navotas Fish Port and the upgrading of the 47.5-hectare complex that will be
completed in 2015.
The
Bureau of Customs also released P200 million to install an online inspection
system during the second half of the year to make all X-ray data available in
real time.
The
government also released P2.5 billion to the National Electrification
Administration, reinforcing the government’s commitment to energize off-grid
communities through the Barangay Line Enhancement Project and the Sitio
Electrification Project.
Aurea
Calica
The
Philippine Star
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