The Philippine economy is predicted to grow 7.5-8 percent this year,driven largely by the expected increase in the government’sinfrastructure spending and continued robust consumption, according tothe Metrobank-led First Metro Investment Corp (FMIC).
According to FMIC President Roberto Juanchito T. Dispo, the PhilippineGovernment will allocate about 9 billion USD for infrastructureconstruction, up 37 percent over the previous year, aiming to improvethe business environment and competitiveness of the country.
Meanwhile, the expected robust domestic consumption will be driven byrising consumer confidence, increasing tourist arrivals and highremittances from overseas Filipino workers, he said.
Dispo also mentioned other factors such as strong growth of thebusiness process outsourcing (BPO) sector and recovery of localmanufacturing sector.
Meanwhile, a Filipino seniorofficial warned that the Philippine economy’s expected growth placesgreater demand on the country’s flagging energy resources.
According to Philippine Minister of Socioeconomic Planning Arsenio M.Balisacan, the country can afford energy next year, but it should investmore to the sector to ensure its future supply.
Balisacan said stable electricity supply is key to the growth of the manufacturing sector and job generation.
Last year, the Philippines recorded a GDP growth of 7.2 percent,despite many natural disasters, according to the Philippines ’Statistic Office. The country’s government has set a target of 6.5-7.5percent growth for this year.-VNA
According to FMIC President Roberto Juanchito T. Dispo, the PhilippineGovernment will allocate about 9 billion USD for infrastructureconstruction, up 37 percent over the previous year, aiming to improvethe business environment and competitiveness of the country.
Meanwhile, the expected robust domestic consumption will be driven byrising consumer confidence, increasing tourist arrivals and highremittances from overseas Filipino workers, he said.
Dispo also mentioned other factors such as strong growth of thebusiness process outsourcing (BPO) sector and recovery of localmanufacturing sector.
Meanwhile, a Filipino seniorofficial warned that the Philippine economy’s expected growth placesgreater demand on the country’s flagging energy resources.
According to Philippine Minister of Socioeconomic Planning Arsenio M.Balisacan, the country can afford energy next year, but it should investmore to the sector to ensure its future supply.
Balisacan said stable electricity supply is key to the growth of the manufacturing sector and job generation.
Last year, the Philippines recorded a GDP growth of 7.2 percent,despite many natural disasters, according to the Philippines ’Statistic Office. The country’s government has set a target of 6.5-7.5percent growth for this year.-VNA
