President Benigno Aquino III declared the National day of Mourning for the PNP Special Action Forces that was killed in Mamasapano, Maguindanao during his message held at the President hall in Malacanang.(MNS Photo)
MANILA (Mabuhay) – Malacañang on Thursday vowed sustained efforts to further buoy the domestic economy following its recovery in the fourth quarter of 2014.
The National Economic and Development Authority (NEDA) reported that growth in the last quarter of last year grew by 6.9 percent, better than the previous quarter’s 5.3 percent and year-ago’s 6.3 percent.
This brought the full-year output, as measured by gross domestic product (GDP), to 6.1 percent, which on the other hand is lower than the government’s full-year target of 6.5-7.5 percent.
Presidential Spokesperson Edwin Lacierda, in a statement, cited the NEDA report saying expansion of the domestic economy in the last quarter of last year is the third in Asia after China and Vietnam while the full-year output is second after China, the world’s second largest economy.
Contributing to this growth are the robust performance of the services, industry and agriculture sectors.
”The welcome news about our economic expansion once more reaffirms the resounding truth that good governance is good economics,” Lacierda said.
The Palace official explained that amidst the challenges in most of last year “our economy has shown remarkable resilience and continues to accelerate at a pace that demonstrates that reform works.”
”It is with this drive toward equitable, meaningful growth that we will work hand in hand with our fellow APEC (Asia-Pacific Economic Cooperation) economies this year in building a better, more dynamic, more resilient Asia-Pacific region,” he said.
”As we enter the last 18 months of the Aquino administration, rest assured that our people can only expect government to double its efforts in making sure that the opportunities brought about by our resurging economy will redound to the benefit of every Filipino,” he stressed. (MNS)