Philippine Expects 7 Percent Growth

Backed by an ambitious infrastructure program and comprehensive reforms, the Philippine economy is expected to grow by 7% next year, forecast the country’s top envoy to Korea last week, citing the International Monetary Fund, Yonhap reported. “The Philippines is enjoying not only freedom but also prosperity,” Ambassador Raul Hernandez said at a reception in Seoul marking the 120th anniversary of the Philippines’ declaration of independence from colonial Spain. “Last year, amid global uncertainty, the Philippine economy registered an impressive gross domestic product growth rate of 6.7%, being the world’s 10th-fastest growing economy, according to the World Bank.” He added that the IMF had forecast that the Philippines’ GDP growth rate would rise to 7% next year, becoming the second-fastest growing economy in the world by 2019. These high growth rates were possible on the back of the far-reaching nationwide infrastructure program, “Build, Build, Build,” in which some $170 billion is expected to be invested, the diplomat noted.