Budget Secretary Benjamin Diokno said the Philippines will remain one of the fastest growing economies in Southeast Asia and in the world.
“In the next four years, we expect the economy to grow at 7 percent to 8 percent. We are confident that the growth target is attainable in the medium term, especially with the key structural reforms and expansionary fiscal program that the Duterte administration has adopted,” Diokno said in a forum sponsored by the European Chamber of Commerce of the Philippines at the Makati Shangri-La.
Meanwhile, the Finance Department said the Philippine economy became more investment-led in 2018.
“As percentage of GDP, capital formation which is the most comprehensive measure of investment, rose from 24.4 percent in 2016 to 25.1 percent in 2017 and further to 27.0 percent in 2018,” the DoF said in an economic bulletin.
“Capital formation is one of the foremost determinants of future growth, in addition to employment and factor productivity,” it said.
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