Economy to meet growth target this year: Pernia

ABS-CBN News

Posted at Aug 01 2017 11:22 AM

Traffic slows along Marcos highway east of the Philippine capital. Photo taken on May 31, 2017. Jonathan Cellona, ABS-CBN News

MANILA - Economic growth will meet at least the low end of government's target this year, with job-generating investments helping sustain the momentum, a Cabinet official told lawmakers on Tuesday.

The government has set a 6.5-7.5 percent gross domestic product growth goal this year and 7-8 percent annually from 2018 to 2022. The economy expanded by 6.4 percent in the first quarter.

Socioeconomic Planning Secretary Ernesto Pernia said the government would spend P8.1 trillion throughout President Rodrigo Duterte's term to build new roads, bridges and airports to help spread growth to the countryside.

"The Philippines is poised to be one of the fastest rising emerging economies in Asia over the medium-term," Pernia said, said, citing the 6.9-percent expansion last year.

Pernia said the economy would expand 50 percent by 2022 from 2016, with growth expected to stabilize at 7-8 percent in the second half of Duterte's 6-year term.

Per capita income is expected to increase to $5,000 in 2022 from $3,550 in 2015, he said.

Pernia and the rest of the economic team faced the House of Representatives on Tuesday to provide a briefing on the economy, as lawmakers prepared to deliberate on the P3.77-trillion budget proposal for 2018.