By Genalyn Kabiling

Malacañang is optimistic that the domestic economy will bounce back after the government reportedly missed its full-year growth target in 2019.

Presidential Spokesperson Salvador Panelo said there was no need to worry about the economic growth as the Palace counted on the economic managers to improve the country’s fiscal state.

“Sabi naman nila ganun daw talaga yun. Kapag bumababa, wala nang ibang puntahan kundi umakyat, so why worry (They say it’s really like that. If it is down, there’s no way to go but up, so why worry),” he said in a Palace press briefing.

“I think we have competent economic managers. They’re doing their job very well. Since the economic mangers say we should not be worried, we believe that.”

The country posted 6.4 percent gross domestic product (GDP) growth in the fourth quarter of 2019, bringing full-year growth to 5.9 percent.

The 2019 growth figure, however, failed to hit the government’s target of 6 to 6.5 percent. Authorities have attributed the sluggish growth to the delay in the passage of the 2019 national budget that dampened infrastructure spending.

Presidential Communications Secretary Martin Andanar said he was still delighted by economic growth recorded in the last quarter of 2019, adding this was the fastest GDP expansion recorded for 2019.

“This is a good indicator that with the political will towards undertaking necessary reforms and programs, we can attain such an achievement.”

He said the government would continue to propel economic growth by sustaining its fiscal policies.

“Despite the slow 5.9 percent full year GDP growth rate for 2019 due to the delayed passage of the 2019 budget, we still recognize this administration’s determination to sustain the strong momentum of our economic growth.

“The government will continue its economic policies and programs for the betterment of the Philippines and every Filipino as part of President Duterte’s legacy.”