Friday, 02 March 2012 11:05
The Asian Development Bank (ADB) expects the Philippine economy to grow by 5 percent this year because of a more balanced economy, strong service sector as well as the robust remittance of the overseas Filipino workers (OFWs).
In a press conference on Thursday in Malacanang, ADB President Haruhiko Kuroda said the Philippine economy only grew 4 percent last year as a result of several global and regional events that affected the economy.
These include the devastating earthquake in Japan, the massive flooding in Thailand and the financial turmoil in Europe and the United States.
“But this year we expect around 5 percent growth in the Philippines and both in medium to long run the Philippine economy can grow to 6 to 7 percent,” Kuroda stressed.
Kuroda said he thinks the Philippines has achieved a balanced economy, adding that while exports are important to the economy, the country doesn’t solely rely on exports particularly on electronic products being shipped to US and Europe.
Aside from rebounding exports, Kuroda said the Philippines has a very strong services sector, outsourcing and also financial sectors, including the real-state sector.
The country also has 10 percent of the gross domestic product (GDP) coming from OFW remittances, the ADB official said as he expects the trend to continue increasing in a very robust way.
“So we expect that the Philippine economy will continue to grow not just depending on one item but on multiple items: exports, consumption, investments and so on and so forth. And that would probably continue to accelerate economic growth. The Philippines must have better infrastructure and better governance,” he said.
Also present during Thursday’s press conference were Finance Secretary Cesar Purisima and Washington Sycip, the finance department’s private sector adviser, and other representatives from the business sector.
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