The Philippine government is expecting a cumulative investment of P3.8 trillion over the next six years, with exports reaching $117 billion.
According to Philippine Trade and Industry Secretary Gregory L. Domingo, the said growth targets would be due to improved governance and the implementation of policies that sustain economic growth.
“The Aquino Administration’s thrust to improve governance, the implementation of right policies coupled with a strong private sector will provide impetus for the attainment of for high sustained economic growth,” the cabinet official explained.
Domingo, speaking at yesterday’s year-end briefing of economic managers, enumerated the following sectors: construction, agro-industry, electronics and semiconductors, tourism, and business process outsourcing (BPO) - as drivers of economic growth for investments and exports.
“But we would like to find a new BPO, meaning a new sunrise industry one that would be able to create half a million or more jobs,” said Domingo. “Perhaps, we can have coconut-based industry as the next sunrise industry also.”
The cabinet official said the BPO industry was very vital in improving the net services trade balance.
The projected P3.8 trillion would represent the total investments generated by the government’s investment promotion agencies by the end of Philippine President Benigno Aquino III’s term in 2016.