President Ferdinand Marcos Jr. said the government will accelerate public spending to recover from the slower 4% GDP growth in the third quarter and stay on track with its original expenditure plan.
Marcos Jr. cited several factors behind the slowdown, including ongoing probes and reforms in infrastructure projects, the impact of recent typhoons and natural disasters, and global trade shifts affecting economies worldwide.
“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,” the President said.
Despite these hurdles, he said increased public spending in the coming weeks will help regain losses from Q3 and boost fourth-quarter performance.
“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,” he added.IMT
