Senator Christopher “Bong” Go urged the government to further strengthen its vaccination efforts to further open up the economy as the Philippine Statistics Authority reported, on November 10, an impressive 7.6% gross domestic product (GDP) growth in the third quarter of this year, beating estimates.
In a statement, Go is hopeful that the country’s economy will continue to expand at its current rate, which places the Philippines in the position of having the second fastest growing economy in Southeast Asia.
“We hope that we will sustain this remarkably fast acceleration of our economy, now the second fastest in Southeast Asia, especially as we recover from the pandemic,” said Go.
He, however, noted that the country’s economic performance is not “an overnight miracle” and is hoping that the current administration will sustain it.
“I hope that we will continue to sustain the many gains achieved by the previous Duterte administration and the current Marcos administration as we march towards full and inclusive recovery soon,” said Go.
The rate is significantly higher than the median estimate of 6.1% that was derived from a poll conducted by BusinessWorld and Bloomberg with economists.
It is also faster than the 7.5% growth recorded in the second quarter of this year. The economy grew 8.2% in the first quarter.
The 7.6% growth was primarily attributable to the services sector. Other contributors include wholesale and retail trade, financial and insurance activities, and construction. All major sectors of the economy, such as agriculture, forestry and fishing, and industry posted positive growth as well.
Citing National Economic and Development Authority chief Arsenio Balisacan who said that the high GDP growth rate is brought about largely by increased mobility of people, owing to relaxed travel protocols, Go, as chair of the Senate Committee on Health, reiterated the need to further improve vaccination efforts against COVID-19 in order to fully open up more sectors of the economy.
“Dapat bakunado para mas protektado! Kung mas maraming bakunado, mas ligtas ang mga tao at mas maraming hanapbuhay para sa mga Pilipino,” said Go.
On top of that, he urged that the government make it a priority to ensure that the country’s economic growth would be to the benefit of ordinary Filipinos and that no one would go hungry or be left behind on the road to the country’s full recovery.
“At sa patuloy na paglago ng ating ekonomiya, kailangan naman nating masigurong ang pinakaordinaryong mamamayan ay makakabenepisyo. Siguraduhin nating walang magugutom at walang maiiwan sa ating muling pagbangon,” concluded Go.
