Gov’t seeking ‘job-creating, poverty-reducing’ growth: DBM

MANILA: The Marcos administration would continue seeking a 'job-creating and poverty-reducing' growth to transform the Philippine economy, Budget Secretary Amenah Pangandaman said Thursday. Pangandaman gave the assurance, as she welcomed the Philippine Statistics Authority's (PSA) report which showed that the country's growth in gross domestic product (GDP) expanded by 6.3 percent in the second quarter of 2024. 'It feels like we won another gold medal for the Philippines! We are very happy with the good news about the country's GDP accelerating at 6.3 percent GDP growth for the second quarter of 2024. This is a big leap from our 5.7 percent growth in the first quarter,' she said in a statement. 'Rest assured, we are focused on pursuing job-creating growth and poverty-reducing growth, and we are inspired to work even harder toward our inclusive economic transformation and sustainable growth,' she said. Pangandaman said the latest report on the country's GDP is even higher than the 5.8 percent projected gro wth and well within the Development Budget Coordination Committee's 6 to 7 percent target for 2024. Citing the PSA report, she said the upward trend in the Government Final Consumption Expenditure, which was at 10.7 percent, is an indication of the current administration's effective strategies for budget prioritization. 'This is especially good news as Congress begins the deliberations on our proposed FY (fiscal year) 2025 National Budget because it proves that our strategic prioritization in the budget effectively implements our Agenda for Prosperity,' she said. Pangandaman said the proposed 2025 budget was crafted 'with utmost care, diligence, and meticulous attention.' She also called on all state departments and agencies to ensure the judicious allocation and spending of resources to unlock the government's full potential toward lasting economic prosperity that is felt by all Filipinos. Source : Philippines News agency