Palace welcomes WB forecast on PH’s stronger, better economy

Communications Secretary Herminio Coloma. INQUIRER FILE PHOTO

Malacañang on Tuesday welcomed the World Bank report that showed the Philippines will still be one of the fastest-growing economies in East Asia and the Pacific in the next three years.

Communications Secretary Herminio Coloma said the forecast was indicative of the country’s strong economic foundation and better prospects for millions of Filipinos in the future, despite a modest easing in economic expansion in the region.

READ: PH among fastest-growing economies in Asean in 3 years — WB

“Nagpapakita lamang na tumitibay iyong pundasyon nang ating ekonomiya at nagiging attractive ang ating bansa sa pamumuhunan at iyong ating mga macro-economic fundamentals ay nagiging mas matatag pa, kaya’t ito ang nagbabadya sa mas maunlad na kinabukasan para sa ating bansa,” Coloma said over state-run Radyo ng Bayan.

(It only shows the foundation of our economy is getting stronger and our country is getting attractive to investors and our macro-economic fundamentals are also getting stronger. And this predicts a progressive future for our country.)

World Bank expects the Philippine economy to grow by 6.4 percent this year and 6.2 percent in 2017 and 2018.

“Among the large developing Southeast Asian economies, the Philippines and Vietnam have the strongest growth prospects, both expected to grow by more than 6 percent in 2016,” the World Bank said in a statement, based on its latest East Asia and Pacific Economic Update released Monday.

Coloma said the forecast motivates the government to provide better services and generate more jobs to uplift the lives of Filipinos.

“Kaakibat nang mga forecast na ito, iyung ating pagnanasa na makapagbigay ng mas mataas pang antas ng kalidad ng buhay at iyong paglikha nang mas marami pang trabaho. Iyon ang buod ng ating ginagawa para paunlarin ang ating ekonomiya. Iyong paglikha ng marami pang oportunidad sa paggawa ‘no at paghahanapbuhay,” Coloma said.

(Together with this forecast, our desire to give a higher status in the quality of life and to create more jobs. That’s the gist of what we are doing to push our economy to greater heights. To create more opportunities in creating more livelihood and job opportunities.)

“Nariyan iyong sa manufacturing sector na sinisikap nating ma-expand muli ito, dahil mataas nga ang multiplier effects nang manufacturing. Nariyan din iyong sa mga traditional exports oriented industries natin, tulad ng semi-conductors at nariyan din iyong sa services sector — iyong turismo at iyong IT-BPO, iyong Information Technology-Business Process Outsourcing. Maraming pinanggagalingan ang forecast na maganda ang ekonomiya. Pero ang focus din natin kasabay niyan ay iyong paglikha ng mas marami pang hanapbuhay,” he added.

(There’s the manufacturing sector, which we hope to expand once again, because the multiplier effects are higher. There’s also our traditional exports-oriented industries, like semi-conductors. There’s also the services sector–tourism and IT-BPO, the Information Technology-Business Process Outsourcing. There are so many sources for our forecast for a better economy. But our focus is also simultaneous in creating more jobs.) TVJ