Illustrative 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
