Diokno: PH maintains one of fastest growth rates in the world

Budget Secretary Benjamin Diokno said that in 2018, the economy of the Philippines likely grew 6.5 – 6.7%, maintaining one of the fastest growth rates in the world.

However, due to the storm damage to crops during the third quarter of the year, economic growth slowed to 6.1% in July – September. Official data for the last quarter of the year will be out on January 24.

The weakest link

Diokno said that the President is aware that it is the agricultural sector that drags our economy, as he confirms that President Duterte described it as the “weakest link” in a meeting with Agriculture Secretary Emmanuel Piñol.

Diokno adds that the President was “putting pressure” on Piñol to aid the agricultural sector, as he explained that a budget of around ₱5 billion was released to the Department of Agriculture.

In the years to come, Diokno foresees that economic growth will pick up to 7 – 8%.

“You just trust your government. We are doing everything we can to make up for past neglect,” he said.