MANILA — Trade and Industry Secretary Ramon Lopez called the Philippines’ economic growth story a “virtuous cycle” that would lead to further expansion of the economy.
In a text message, Lopez welcomed the Asian Development Bank’s (ADB) statement that the Philippines is in its “golden age of economic growth”.
“The ADB statement is a recognition that we have built a real good growth on the back of solid macroeconomic fundamentals and major policy reforms on tax and infrastructure and investment programs that widen the gains of development that builds a bigger middle class and an even stronger economic base,” he said.
“These leads to a virtuous cycle towards a more robust growth path,” the trade chief added.
ADB’s Asian Development Outlook 2018 has forecasted the country’s gross domestic product (GDP) growth to increase to 6.8 percent this year and 6.9 percent next year, both slightly higher than the growth of 6.7 percent in 2017.
ADB Country Director Kelly Bird cited that the Philippines’ robust domestic demand has been driving the country’s consistent GDP expansion for the past several years and is expected to be sustained up to 2019.
It was also noted that the government’s Build Build Build program, which accelerates spending on public infrastructure, will back the economic growth over the medium term.
Likewise, the services sector along with manufacturing and construction industries will be ushering the country into a “golden age” or a period of unprecedented economic expansion, according to the ADB. (PNA)
