Economic managers forge ''bold catch-up plan'' to boost GDP goal
Finance Secretary Carlos Dominguez III said on Monday that a "bold catch-up plan" was formulated to achieve six percent GDP (Gross Domestic Product) growth for 2019.
During the first pre-SONA (State of the Nation Adress) forum in Paaay City, Dominguez announced that due to the decline in GDP growth to 5.6 percent in the first quarter from 6,3 percent in the fourth quarter of 2018 , economic managers created a plan to hit the targeted six to seven percent goal.
Dominguez said the sudden drop in GDP growth was due to delay in the approving the proposed P3.757 trillion national budget for 2019.
"Because we were forced to operate on a re-enacted budget, government was not able to spend one billion pesos a day in the first quarter this year," Dominguez explained.
According to Dominguez, the catch-up plan will fast-track implementation of socioeconomic programs, double agriculture growth to at least two percent per annum, and focus on improving the ease of doing business. Cristina Eloisa Baclig/DMS