Home » Headlines » Palace: PH to achieve economic growth target

Palace: PH to achieve economic growth target

By: Genalyn Kabiling

The administration is bullish about attaining its economic growth target this year following a record-high performance of the local stock market.

Presidential spokesman Ernesto Abella said the political noise has failed to dampen the stock market rally as he voiced confidence the growth momentum would be sustained.

“The local stock market continues its record-breaking run when the index closed at a new record high of 8,344.05, ignoring the political noise, and highlighting investor confidence on the leadership of President Rodrigo Roa Duterte and his economic team,” Abella said in a statement.

“We remain hopeful that we would reach our growth target for the year as we move forward with our plans and programs,” he added.

The local stocks have extended gains led by financial and industrial stocks amid reported investor optimism towards government moves to implement tax reforms.

The stock market rally also comes amid the alleged attempts of the “yellow forces” and Left-leaning groups to oust President Duterte through the Ombudsman’s probe into his alleged hidden wealth.

The President stepped up his retaliation, threatening to endorse moves to impeach Ombudsman Conchita Carpio Morales for alleged selective justice and holding his falsified and illegally acquired bank records.

He also vowed to seek the impeachment of Chief Justice Lourdes Sereno for alleged undeclared true wealth and use of public funds to bankroll her lavish lifestyle.

The government has set a full year target growth rate of 6.5 percent to 7.5 percent for 2017. The local economy accelerated 6.5 percent in the second quarter mainly due to higher government spending, strong domestic demand, and increased farm output.