Philippine economy is growing steady

Posted By on July 7, 2011

The World Bank on Wednesday praised the Philippines for its steady economic growth despite the global economic shocks and hailed reforms made by the government of President Benigno Aquino.

In its quarterly update, the bank said it expects Philippine economic growth to stabilise at 5.0 percent this year and rise to 5.4 percent next year. The economy grew 7.6 percent last year.

Manufacturing, construction, buoyant metals prices as well as a booming business process outsourcing industry are expected to be the main growth drivers, said World Bank senior economist Eric Le Borgne.

The body also cited potential gains from reforms put in place by Aquino who was elected in May, 2010.

“Prospects on the supply side remain favourable with manufacturing and construction projected to benefit from the end of the trade disruption linked to Japan’s post-disaster reconstruction,” Le Borgne said in a statement.

The update also praised Aquino for his efforts to fight corruption, upgrade the country’s infrastructure, and open up aviation to foreign competition to boost tourism. […read me]