Philippines entering ‘golden age for economic growth’ – ADB Czeriza Valencia (The Philippine Star) – April 12, 2018 – 12:00am MANILA, Philippines — Philippine economic growth is expected to further rise to 6.8 percent this year and 6.9 percent in 2019 from 6.7 percent in 2017 as the country enters “a golden age for economic growth,” the Asian Development Bank said yesterday. During the launch of its Asian Development Outlook (ADO) 2018, the Manila-based multilateral financing bank said growth would continue to be supported by high domestic demand, rising remittances, higher employment, and increased public spending on infrastructure. The bank also cited strengthening private investment as indicated by increased importation of capital goods and strong bank credit growth. Business optimism also remains upbeat as reflected in the central bank’s business outlook survey and the December rating upgrade by Fitch Ratings from BBB- to BBB, which is one notch above investment grade. “Along with domestic demand, the government’s infrastructure investments will fuel the country’s growth in the next few years, supported by a sound economic policy setting,” ADB country director for the Philippines Kelly Bird said in a briefing. The Philippines was one of the fastest-growing economies in Southeast Asia last… Read full this story
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