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PH could Post 7 Percent Economic Growth in the next 5 Years

by: Sarah Joson

Thursday, January 14, 2016 | Outsourcing News |

Philippine Economy Expected to Grow 7 Percent

Philippine Socioeconomic Planning Secretary Arsenio M. Balisacan recently said development and growth will only happen if the country continues to increase investments in infrastructure and develop higher levels of public investments. Moreover, the best angle that could be worked on is investment in human capital or surpassing the capacities of neighboring countries. He added that we should also invest in human resiliency.

Balisacan also said reforms aimed to improve business climate are needed and should be discussed in the next Philippine Development Plan. He pointed out that compared to neighboring counterparts, the country’s infrastructure is subpar and needs to be improved immediately. The economic planning chief said if these fundamental constraints as well as energy-related issues are addressed properly, we could see a growth of seven percent in the next five years.

Energy is also a factor that should be looked into because according to Balisacan, it is a foundation for inclusive growth and that its development should not just focus on quantity but also on quality and accessibility. Other segments that need to be deeply invested on are health, education, social protection, and employment.


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