PH economy: Not just catching up, but leaving neighbors behind

in the Philippines is surging past the rest of Southeast Asia

this year, entitled “Duterte’s six-year plan that stymied his predecessor, Benigno Aquino 3rd; he has found major change in Philippine foreign policy, and they are likely to make all the difference.

3, The last week, while noting that the “Philippines has the most persistent poverty President Duterte is addressing resolved to change the lives of the country’s poor.

the on the decision of the Duterte government to lift restrictions on foreign ownership in the economy.

Leaving others in the dust

and nowhere more so than in its report last week. If the Philippines the dust, the report left many Filipinos gasping.

nine months of this year, net physical assets in the Philippines grew 10.4 percent from a year earlier. That compared with a 6.9 percent increase in Malaysia and 5.8 percent gain in Indonesia, according

- ish on the outlook. Philippine government spending jumped rise in almost a year, with another plans to invest as much as $16 water, and power projects, while - - lion next year.

“President Rodrigo Duterte - roads and highways across the engine to the economy, headed for a sixth year of growth exceeding 6 percent and among the world’s

The report’s conclusion could - the Philippines is catching up. Growth in net physical assets—or years through 2016, the fastest in Southeast Asia and almost twice as fast as Malaysia, according to the World Bank.

“Duterte wants to transform the Philippines into an upper-middle term in 2022, and the cornerstone of his vision is a plan referred to as ‘Build, Build, Build.’ It includes the -

six-year plan

According to Michael Flores of the

President Duterte has a six-year plan to spread the wealth in the Philippines. He rural have-nots.

which yielded mixed results under former President Benigno Aquino 3rd, will remain a pillar of infrastructure development. But the institutional delays that dogged the Aquino administration will including development assistance from key trading partners like China and Japan.

“The government has set guidelines for tapping Chinese funding following Duterte’s visit to China - jing and Manila resumed formal time since 2011. During their talks, China agreed to fund three projects worth a total of $ 3.4 tip of Luzon, the main island. Chinese companies, meanwhile, have committed to invest $10.4 - pine trade department.

“The improved relations with China did not go unnoticed in Tokyo. In January this year, Japanese the Philippines with an investment package worth 1 trillion yen ($8.6

“Philippine companies are responding to Duterte’s focus on less-developed parts of the country. San Miguel is constructing a in Mindanao, as part of a $300 million expansion plan. Universal - tories there. SM Prime Holdings, the nation’s largest real estate company, is planning more shopping

Persistent poverty gets attention

The perhaps the world’s most influential weekly news magazine today, took up the plight of the Filipino poor, and Duterte’s policies to address “the most persistent poverty in

The 1980 and 2005 the average annual increase in GDP was just 0.63 per regional standards. More recently a leap in remittances from the mil growth. Forecasts suggest that GDP year, as it did last year.

“But the growth is concentrated provinces, which generate around 60 percent of the country’s output. Not only do people in the farthest share in the prosperity, they also do not have the money to move to Manila or the education to land a

“The government of President Rodrigo Duterte has pledged to help poorer Filipinos with all - cently signed an executive order to speed implementation of a contraception more easily avail

“Mr. Duterte’s government, in of 12 percent on 2016. Infrastructure is an important focus. New - pear thanks to a planned increase in expenditure on such projects from 5.2 percent of GDP last year to 7.4 percent of GDP in 2022.

Lifting limits on foreign ownership

journalistic reports with the reportage and commentary of the on the decision of the Duterte government to ease foreign ownership limitations in various industries in order to generate more foreign investments in the economy, spur competition,

President Duterte signed on No directing government agencies to fast- track the determination of opened up to foreign participa means or through the amendment of pertinent laws.

in Southeast Asia under Duterte.