The Philippines’ thrust on infrastructure build-up is paying off handsome dividends. The country’s gross domestic product (GDP) is expected to accelerate for 2017 and 2018.
GDP growth forecasts for the country has resulted to upgrades by the Asian Development Bank (ADB) based on the surge of the government’s infrastructure program. Another bright spot for the country is the fact that the ADB sees the country to remain the fastest growing economy in the Southeast Asia region. The ADB raised the Philippine Gross Domestic Product (GDP)growth forecasts from 6.5 percent to 6.7 percent for 2017, and from 6.7 percent to 6.8 percent for 2018.
The Philippines and ASEAN neighbor Vietnam are expected to reach the same growth level this year. In 2018, the country, however, is forecast to outpace Vietnam with GDP growing by 6.7 percent. The Philippine economy expanded by 6.7 percent in the first three quarters of 2017 on accelerating investment and robust consumption.
At the rate it is performing, the government is on track to achieve its target of spending 5.3 percent of GDP on public infrastructure this year. That will be something to look forward to in 2018.
