Although still expected to be among the fastest in the region, gross domestic product (GDP) growth was slower than the administration’s target of 7 per cent to 8 per cent, and down from 2014’s expansion of6.1 per cent.

“This growth is respectable given the difficult external environment, the onset of El Nino, and the challenges in government spending in the first semester,” Socio-Economic Planning Secretary Arsenio Balisacan said.

The year ended on a stronger note as the economy grew by 6.3 per cent in the fourth quarter. Growth was driven by strong domestic demand, led by government spending that accelerated 9.4 per cent compared to 1.7 per cent in the previous year, Balisacan said.

The increase in public and private investments more than doubled to 13.6 per cent from 5.4 per cent, household consumption rose by 6.2 per cent. Balisacan said the growth provided “ample space” to overcome challenges such as weather-related disasters, the global economic slowdown and domestic uncertainties associated with upcoming elections in May.

“Looking ahead, we are hopeful that the next leaders of this country will sustain the programmes and reforms that have gathered significant gains over the years,” he said.

More than 18,000 positions are up for grabs in the Philippines’ general elections on May 9, including president, vice president, senators, congressional representatives, provincial governors, city and town mayors and vice mayors.

– DPA