Neda sets 6.2% growth target for PHL by 2017
ECONOMIC Planning Secretary and National Economic and Development Authority (Neda) Director General Emmanuel F. Esguerra said the Philippines is expected to remain one of the fastest-growing economies in Asia, with Manila’s GDP growth targeted to reach 6.2 percent by 2017.
In his keynote address before participants of the second Mindanao Shipping Conference at the Waterfront Insular Hotel in Davao City on Wednesday, Esguerra said this vibrant view on the Philippine economy is also shared by the private sector, which forecasts real GDP growth to reach 5.8 percent to 6.3 percent by 2017.
“The growth-enhanced fiscal space has allowed major investments in infrastructure, with spending on public infrastructure more than tripling. The bulk of investments are slated for transportation, covering 43 percent of total infrastructure investments from 2013 to 2016 and beyond, which is estimated to reach more than P7 trillion,” he said.
“This shall be complemented by private investments in public infrastructure amounting to about P1.5 trillion, based on the status of PPP [publicprivate partnership] projects as of April 2016,” Esguerra added.
He also mentioned some issues on Mindanao sea transport sector, which included the limited capacity of Mindanao seaports (berthing structure, transit/cargo shed area for no-containerized cargo container yard for containerized cargo, and passenger terminal building) and the need to reduce domestic cargo rates given the more expensive rates in Mindanao compared to foreign cargo rates.
Further, with Mindanao playing a critical role in the Asean Economic Community, the following sea linkages need to be established or improved: Zamboanga-Sandakan (Malaysia), Davao/ General Santos-Bitung, Manado (Indonesia), Zamboanga-Muara (Brunei) and Tawi-Tawi-Tarakan (Indonesia).
The event, which was organized by PortCalls, the Philippines’s only shipping and transport guide, and the Philippine International Seafreight Forwarders Association Inc. (Pisfa), convened cargo and forwarding transport industry representatives and stakeholders from the Mindanao area. Other resource persons include representatives from the Mindanao Development Authority, the Bureau of Customs, Davao International Container Terminal, Maersk- Filipinas Inc., Pisfa and the Davao City Chamber of Commerce and Industry Inc.