The Philippine economy is most likely to grow beyond current expectations as long as the Duterte administration pursues its plan to ramp up public spending, the World Bank (WB) said.
Maintaining its growth forecast for the Philippine economy at 6.4 percent this year and 6.2 percent in the next two years, the international financial institution noted that the country has indeed emerged as "one of the most dynamic" economies in the East Asia Region in the first six months of the year.
"The Philippines has made some progress in its fight against extreme poverty. As the Philippine economy continues to develop, the challenge of ensuring inclusive growth will become more complex, and investment in human capital will be necessary to ensure that the nation’s workforce is able to meet a rising demand for skilled labor," the World Bank added.
Despite the weak global economy and the challenges of transitioning to a new economic policy framework, the Philippines has managed to perform well. With the new administration eager to push investments in infrastructure, education, job skills and poverty reduction, achieving further growth is indeed doable.
Source: World Bank