PHILIPPINE President Ferdinand R. Marcos, Jr. will continue to order the probe into anomalous flood control projects this year despite their negative impact on the country’s gross domestic product (GDP) growth, the Palace said on Wednesday.
Palace Press Officer Clarissa A. Castro said Mr. Marcos ordered to improve the growth plan of the administration to generate more jobs and attract more tourists.
Mr. Marcos had seen the GDP report ahead of its release on Thursday, said Ms. Castro, but refused to elaborate if the President was satisfied with the figures. She noted the Palace remains optimistic on the country’s growth projection for the medium-term.
“We will repeat this again because of the much noise caused by the investigation into the anomalous flood control projects that have really affected the economy, but there is really nothing we can do but cleanse our country from corruption and an investigation is needed to hold those involved accountable,” she told a news briefing in Filipino.
Ms. Castro attributed last year’s economic slowdown to the result of lingering geopolitical tensions and the impact of the flood control issue on disbursement and investment reforms.
“The reforms on budgeting and disbursements and project monitoring initiated last year take round and with recent investor-friendly reforms and sound macroeconomic fundamentals, we would expect better GDP growth in the coming period,” she said, quoting the President.
She added that according to Finance Secretary Frederick D. Go, the President wants to attract more investments to aid economic growth.
The Philippine Statistics Authority on Wednesday revised down the country’s third-quarter GDP estimate to 3.9% from 4% initially.
The administration earlier set the GDP growth for 2025 to 5.5% to 6.5%, but Economic Secretary Arsenio M. Balisacan estimated it to settle between 4.8% to 5%. — Chloe Mari A. Hufana
