DOF: Philipines Growth Prospects Brighter in 2017

The country's Finance Department under the Duterte administration remains bullish on prospects for continued high growth this year 2017 saying that Pres. Rody Duterte is committed in pursuing its accelerated spending program to sustain the economic momentum of the Philippines.

Aside from the high growth of the Philippine economy, Pres. Duterte also wants the economic benefits to spread to all sectors across all regions in the country by way of more jobs and better living standards.

According to Finance Secretary Carlos G. Dominguez III, despite the political noise in the first six months of Pres. Dutere, the Philippine economic growth remained on the upswing on the back of the country's rock-solid macroeconomic fundamentals.

Under Pres. Duterte, his administration remains on track in realizing its vision of lifting six million Filipinos from poverty and transforming the Philippines into a high middle-income country in five years, with a per-capita gross national income (GNI) of $4,100.

For the past few months of the Duterte admin, the optimistic outlook on the Philippines as one of Asia's fastest-growing economies in the year ahead is shared by credit raters and other international institutions such as S&P Global, the Asian Development Bank and the International Monetary Fund.

Finance Secretary Dominguez said the Duterte administration is committed to pursuing the congressional approval of its proposed comprehensive tax reform program, the first in 30 years, to ensure the financial sustainability of the government’s spending plans for growth.

Source: Manila Bulletin

DOF: Philipines Growth Prospects Brighter in 2017 DOF: Philipines Growth Prospects Brighter in 2017 Reviewed by Phil Newsome on 1/03/2017 Rating: 5

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