Philippines posts highest economic growth in Asia in 2016

Illustrative photo. (Source: Getty images)

Hanoi (VNA) – The Philippines’ economic growth was the highest in Asia last year with 6.8 percent, higher than the 5.9 percent level in 2015, according to the Philippine Government.

The growth was driven by billions of US dollar investment from China and the soaring of infrastructure investment.

President Duterte has become one of the most controversial leaders of the world since he took office in mid-2016, especially with his anti-drugs campaign. However, the Philippine economy grew about 6.6 percent in the last quarter of 2016.

The Philippine Government has announced to double infrastructure investment, from 17 billion USD in 2017 to 36.8 billion USD in 2022, with financial sources sought from China and Japan. The country is planning to open new export markets in China and Russia, as well as ready to receive a large number of visitors from those countries.

Economic Planning Secretary Ernesto Pernia expressed his belief that the country’s economic growth will likely meet the official 2017 target of 6.5 to 7.5 percent and could rise to 7-8 percent in the remaining time of Duterte’s six-year term.-VNA