THE government will boost public spending to ensure that it is aligned with the original national expenditure plan and to make up for the slower growth in the third quarter, President Ferdinand R. Marcos Jr. said on Thursday.
During a press conference in Malacañang, President Marcos said several factors have contributed to the downturn in economic activity in the last quarter, which saw a below forecast 4 percent growth in gross domestic product (GDP).
Aside from the ongoing investigation and reforms in public infrastructure projects, the country was hit by successive natural disasters and typhoons, with working days lost because of climate change.
The President also emphasized that changes and adjustments in the global trade and business system have also affected the country along with other nations.
“We are not the only ones suffering the shocks that come from the new trade structure that has been imposed on the rest of the world. So we are all adjusting to that. Kaya ‘yung mga growth rate all around the world is falling,” said President Marcos.
“But marami tayong measures na ginawa. Because the public spending now will be increased to make sure that by the end of the year, the levels of public spending are according to our original plan. So, mababawi natin ‘yung nawala sa third quarter,” the President added.
metrosundaily
