Palace: High GDP growth purely efforts of Aquino government

THE economic gains posted by the Aquino administration were solely the result of the present government's initiatives and not from the momentum set by the Arroyo administration, Malacanang said Saturday.

Deputy presidential spokesperson Abigail Valte made the statement in reaction to former President Gloria Macapagal-Arroyo's statement, saying that the Aquino administration is on track to restoring the growth of 7.9 percent where it was before the first half of 2010.
 
"We all have to remember that 2010 was an election year, and historically, if you look at all the data, it's election year, the growth is really high, the GDP (gross domestic product) is strong. Why? Because of election spending, and ask any economist, they'll tell you the same thing," Valte said in an interview over dzRB Radyo ng Bayan.

Based on historical figures, Valte said election years really have high GDP growths. For instance in the 1988 election, the GDP was 6.8 percent; in 2004, the GDP was 6.7 percent; and in 2007, it was at 6.6 percent.

"But if you take out all the election years before, when you look at the GDP, if you exclude all the election years, the 6.6 percent (economic growth) for 2012 is the fastest growth the Philippine economy has seen in the past 30 years, surpassing all the past presidents, beginning from the former President Cory Aquino," she added.

Arroyo, now Pampanga representative, on Friday commended President Benigno Aquino III over the 6.6-percent growth in the country's GDP in 2012.

Arroyo's recent statement was a complete turnaround from her previous comments two years ago, saying Aquino obscured the economic gains of the Arroyo presidency to allegedly make up for his own shortcomings.

Valte said the recent development is "a classic case of the student already surpassing the teacher."

Aquino was a former student in economics at Ateneo de Manila University by the former president.

Commenting on criticisms saying the government's campaign against corruption must uphold the rule of law, due processes and the independence of the judiciary, Valte said the anti-corruption fight of the administration is within the bounds of the rule of law.

"The anti-corruption fight of the President has always been within the bounds of the rule of law with respect to other institutions, which is why it translates into good governance, and good governance translates to good economics," she said.
 
Last year's economic growth exceeded the official target of 5 percent to 6 percent. (SDR/Sunnex)