MANILA, Philippines - The Philippine economy is expected to grow at least 7 percent in 2015, the Department of Trade and Industry said.
Trade Secretary Gregory Domingo said the growth will be fueled by higher foreign direct investments and lower oil prices.
The Philippine economy posted a 5.8 percent GDP growth rate in the January to September period. The government is targeting 6.5-7.5 percent growth for 2014 and 7 to 8 percent growth for 2015.
Domingo stressed foreign direct investments in the Philippines have been increasing for the past four years and that the country fared better than Malaysia.
"Foreign direct investments in 2010 was $1 billion. In 2011, it was $2 billion, in 2012, $3.2 billion, and 2013, $3.8 billion. In first 9 months of 2014, we're $4.8 billion. We probably exceed 5 billion by end of December," he said on ANC's Headstart.
In the January to September period, foreign direct investments were up 61 percent to $4.8 billion, mostly in manufacturing and business process outsourcing sectors.
Domingo added Moody's recent upgrade of the Philippines' credit rating will also boost investments, particularly in the manufacturing and business process outsourcing sectors.
"There are many good things going in the Philippines, of course the good governance of President Aquino, the upgrade in credit ratings as a result of that made us investment grade, which means it opens up all those funds to invest in the Philippines because maraming funds they cannot invest in non-investment grade countries," he said. "I am very optimistic about our economic growth in the next few decades." - ANC