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Buoyed by the World Bank forecast on the country’s strong growth, the Aquino administration has pledged to generate more jobs and improve the quality of life of Filipinos in the remaining months in office.
Presidential Communications Operations Secretary Herminio Coloma Jr. welcomed the World Bank report on the country’s health economic expansion and assured that the government is not about to rest on its laurels and instead step up efforts to ensure economic gains are felt by all Filipinos.
“We welcome the World Bank report stating the Philippines has one of the fasting and progressive growth rates in the coming years. The World Bank forecasted the local economy will grow 6.4 percent this year and 6.2 percent in 2017 and 2018,” Coloma said in Filipino.
“This forecast also highlights the government’s constant resolve to further improve the quality of life of Filipinos and generate more jobs. We will continue to promote economic growth, create opportunities for labor and livelihood,” he added.
The World Bank earlier said the Philippines and Vietnam have the strongest growth prospects among the economies in the Association of Southeast Asian Nations.
In its East Asia and Pacific Economic Update released early this week, the Washington-based multilateral lender said the country’s faster growth would be driven by robust private consumption aided by low inflation and increased election-related spending. It said in the Philippines, economic opportunity and job creation would be significantly enhanced by measures to secure property rights through more systematic adjudication of land rights, to strengthen competition in sectors such as shipping and telecommunications that provide key intermediate inputs, and to simplify costly business regulations.