Philippines Records High Economic Growth in 2017, 2018 Under Duterte’s Leadership: Govt Official
The first two full years of the administration of Philippine President Rodrigo Duterte registered a high level of economic growth, averaging 6.6 per cent for the years 2017 and 2018, said the Secretary of Department of Budget and Management yesterday. The department said Philippine’s real gross domestic product (GDP) grew by 6.7 per cent in 2017 and is projected to have grown by at least 6.5 per cent in 2018.
“This projection is based on the revised target of 6.5 to 6.9 per cent growth rate for 2018, as the actual growth rate for the fourth quarter has yet to be released,” according to Budget Secretary Benjamin Diokno in a statement.
“The country’s growth is domestic-driven as we invest heavily in our infrastructure through the ‘Build, Build, Build’ programme, and we also do the same for our human capital,” Mr Diokno said. The “Build Build Build” programme, which is designed to make up for the inadequacies in the country’s dismal state of infrastructure, will usher in the Golden Age of Infrastructure in the Philippines, according to the government.
The Philippine government said in 2017 that it will spend 8 trillion to 9 trillion pesos, or roughly 160 billion to $US180 billion in six years in the “Build Build Build” programme.
In terms of real GDP growth by industrial origin, Diokno said the data shows that growth is becoming more investment-driven under Mr Duterte.
In 2017 and 2018, he said the growth of the industry sector even outpaced overall GDP growth, with the industry sector growing at an average of 7 per cent.
“This is crucial for the Philippine economy to achieve its povertyreduction goals,” Mr Diokno said, adding that the industry sector is a potential source of high-paying jobs. “This will allow those from the rural sector to lift their families out of poverty,” he added. Meanwhile, Mr Diokno also recognised that the administration needs to improve its performance in the agricultural sector.
“If we are able to grow agriculture by 4 per cent, the economic growth target of 7 to 8 per cent is very much attainable.
“This administration intends to work on its weakest link to realise the fullest potential of our sectors, and further drive growth for the people,” Mr Diokno said.