MANILA, Philippines — The country’s economic growth will likely be accelerated by increased public spending, investment, and private consumption over the next two years, says the Asian Development Bank (ADB).
A bright forecast that we should work at and realize.
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However, long-standing structural weaknesses remain an obstacle to realizing the government’s 7-8% growth target, the ADB points out.
Let’s heed the warning of ADB: Ay, may Dapat pang Baguhin!
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ADB’s Asian Development Outlook (ADO) forecasts Gross Domestic Product (GDP) growth for the Philippines to recover to 4.8% in 2012 and 5.0% in 2013, from only 3.7% in 2011.
Up, up, from awry.
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“Remittance and lower inflation will sustain private consumption, and strong business sentiment will continue to support private investment… However, issues like poor infrastructure and weak governance must be tackled if the country’s economic gain are to benefit all,” says the ADB country director.
Action, reforms, and growth for all.
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The Philippine economy likely grew faster this first quarter than the 3.7 percent recorded in the fourth quarter of last year, says Socio-Economic Planning Secretary Cayetano Paderanga.
Internal forecast is also favorable.
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“Infrastructure spending is all over. Business optimism is high and investor confidence has improved,” Paderanga adds.
Yes to more public spending, business optimism, and confidence.
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The Philippine government needs to show evidence of sustained reforms to secure investment grade, adds Fitch Ratings.
Okay, let’s improve our “structural factors” and raise our ratings.
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Finance Sec. Cesar Purisima assures that the country will move toward an investment upgrade through reforms such as sustained improvement in the government’s debt portfolio through longer maturities and more local fund sourcing.
Yes to reforms and upgrade!
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Meanwhile, the country’s export earnings post a 14.3 percent growth in February this year to $4.43 billion, from the $3.86 billion recorded in February of 2011, reports the National Statistics Office (NSO).
Yes to improving exports statistics. And sell “made in the Philippines” better!
article source: mb.com.ph
