Philippines posts high economic growth

The Philippines registered a high level of economic growth in 2017 and 2018, according to Secretary of Department of Budget and Management Benjamin Diokno.
Philippines posts high economic growth ảnh 1Illustrative image (Photo: zdnet.com)

Hanoi (VNA) – The Philippinesregistered a high level of economic growth in 2017 and 2018, according to Secretaryof Department of Budget and Management Benjamin Diokno.

The country’s gross domestic product (GDP) grew by 6.7 percent in 2017 and isprojected to expand at least 6.5 percent in 2018, the official said.

He attributed the high economic growth to the country’s strong investment ininfrastructure through the “Build Build Build” programme.

The programme is expected to usher in theGolden Age of Infrastructure in the Philippines. The Philippine government saidin 2017 that it will spend 8 trillion to 9 trillion pesos, or roughly 160billion to 180 billion USD in six years in the programme.

In 2017 and 2018, he said, the growth of the industry sector even outpacedoverall GDP growth, at an average rate of 7 percent.

This is crucial for the Philippine economyto achieve its poverty reduction goals, Diokno said, adding the industry sectoris a potential source of high-paying jobs.

Meanwhile, Diokno also recognised that the administration needs to improve itsperformance in the agricultural sector. If the agricultural sector expands by 4percent, the economic growth target of 7 to 8 percent is very much attainable,he said.

The World Bank (WB) said it has downgraded its growth projections for thePhilippines to 6.4 percent in 2018 and 6.5 percent in 2019 to reflect recenteconomic trends.
These new figures are slight revisions ofthe bank’s growth projections of 6.5 percent for 2018 and 6.7 percent for 2019,released through the Philippines Economic Update in October.-VNA

VNA

See more

Deputy for tourism and infrastructure development at the Ministry of Tourism Hariyanto. (Photo: ANTARA)

Indonesia boosts culinary tourism

To promote Indonesian culinary tourism, the Indonesian Ministry of Tourism is currently focusing on culinary products to ensure that tourism products can move up a class. It is also paying attention to wellness tourism, gastronomy, marine, and fashion.

A truck arrives as another departs from Laem Chabang deep-sea port in Chon Buri province. Thai exports to the US could face higher trade barriers. (Photo: Bangkok Post)

Thai exporters risk higher US tariffs: expert

Thai exports to the US that are at risk of US trade barriers include Bluetooth modules, broadband products, solar modules, power adapters, machinery and parts, auto parts, mobile camera modules, and air conditioners.

Illustrative image (Photo: Internet)

Lao, Cambodian Parties vow to tighten ties

The 15th high-level meeting between the Lao People’s Revolutionary Party (LPRP) and the Cambodian People’s Party (CPP) took place in Vientiane, Laos on February 7.

Chinese President Xi Jinping meets with Prime Minister of Thailand Paetongtarn Shinawatra, who is on an official visit to China, at the Great Hall of the People in Beijing on February 6, 2025. (Photo: Xinhua)

Thailand, China strengthen bilateral ties

Thai Prime Minister Paetongtarn affirmed Thailand's commitment to deepening law enforcement cooperation with China and its neighbouring countries, pledging strong and decisive actions to combat cross-border crimes, including online gambling and telecom fraud.

Cambodian Senate President Samdech Techo Hun Sen begins visit to Laos. (Photo: cpp.org.kh)

Lao, Cambodian legislative bodies enhance collaboration

The two sides appreciated the strong and close collaboration between Laos and Cambodia as well as their legislative bodies, reflected through the implementation of the contents of the Memorandum of Understanding on cooperation between the two legislatures, such as all-level delegation exchanges, and experience sharing.

Chinese President Xi Jinping (right) and Brunei's Sultan Haji Hassanal Bolkiah Mu'izzaddin Waddaulah at their meeting in Beijing, China, on February 6, 2025. (Photo: Xinhua/VNA)

Brunei, China step up cooperation across multiple fields

Xi Jinping said China is ready to strengthen strategic connectivity with Brunei, encourage more Chinese enterprises to invest and start business in the country, and support Brunei in diversifying its economy and developing its digital economy, artificial intelligence, and new energy industries.