By Leslie D. Venzon
MANILA, Nov. 12 (PNA) — The Philippines hosting of the Asia Pacific Economic Cooperation (APEC) Summit and higher infrastructure spending are crucial for achieving a seven to eight-percent economic growth target next year.
“We are maintaining the seven to eight-percent growth rate because there are events happening next year. We are hosting the APEC and that will be a big boost tourism-wise,” Rosemarie Edillon, National Economic and Development Authority (NEDA) Assistant Director-General, said in an interview with the Philippines News Agency.
Edillon said the first leg of the APEC Summit will start next month and a series of meetings leading up to Economic Leaders’ Meeting in November 2015 will happen throughout the year in the country.
Apart from hosting the APEC, the NEDA official said that an increase in infrastructure spending can boost economic growth next year.
“Leading to that APEC (Summit), we are also fast-tracking a lot of infrastructure projects and of course the reconstruction on ‘Yolanda’,” she added.
The Philippines has released Php52 billion to support government relief and rehabilitation efforts in the provinces, especially in Leyte and Samar, devastated by super typhoon ‘Yolanda’ last year.
President Benigno S. Aquino III has signed the Php167.9-billion Yolanda rehabilitation master plan.
Further, Edillon expressed optimism that this year’s 6.5-percent economic growth target will be achieved.
“A big challenge obviously a drawback is really the underspending in government but we hope that (this is addressed) because of the catch up plans of the major agencies of government,” she added.
The country’s gross domestic product (GDP) expanded by 6.4 percent in the second quarter of 2014 from previous quarter’s 5.6 percent, making the Philippines the second fastest growing economy among major Asian countries for the period. (PNA)