The economy, after its strong third quarter performance, will likely grow by 6 percent or higher for the rest of the administration’s term, despite the international trade friction and other global challenges, according to the Department of Finance (DOF).
Carlos Dominguez, DOF secretary, said in his keynote speech before the Chief Executives Organization in Makati City last November 10 the country is “strong and ready to soar,” after posting 6.2 percent gross domestic product (GDP) growth in the third quarter this year.
“You will find this country an oasis of optimism in a world burdened with trade wars and uncertainties. While most of the mature economies are expected to grow slower this year, the Philippines stands staunchly as a growth leader in this dynamic region of the world,” Dominguez said.
“Against the headwinds of a broad slowdown in the global economy, we expect our economy to grow at around six to seven percent this year. Into the foreseeable future, we are confident of sustaining a six percent or better growth rate in our GDP despite the headwinds buffeting the global economy,” he added.
Dominguez invited the global business leaders present at the event to take a look at the opportunities that abound in the country.
“The massive infrastructure modernization program we are undertaking will open many investment opportunities and create numerous jobs for our people. It will support the diversification of our economic activities in the domestic economy and improve our competitiveness,” Dominguez said.
“You might wish, in the course of your stay here, to look at opportunities for companies you lead to participate in what is one of Asia’s powerhouse economies. There are many areas where joint ventures and business partnerships will be fruitful. Today, it is much easier for joint ventures to quickly commence because of our comprehensive effort to improve the ease of doing business in our economy,” he added.
Dominguez also said the Philippines is expected to graduate to upper-middle income country ranking by next year, way ahead of schedule, and is preparing for the opportunities that lie ahead with this newfound status by investing heavily in its very young, talented workforce.
In the same speech, Dominguez also said the succeeding packages of the administration’s comprehensive tax reform program are in the legislative pipeline and expected to become law either later this year or early next year.