‘It’s the Philippines’ year’ — Fortune Magazine

Multinational business magazine Fortune, in its December 1 issue, predicts that 2017 will be the Philippines’ year. The magazine reported that although President Rodrigo Duterte’s stance on vigilantism and anti-Americanism is worrying, the country’s economy has been hitting its stride.

“Economists expect Philippine GDP to grow 6.2% next year. One clue to a looming boom: an analysis by IBM Watson of some 700,000 global news sources found a high concentration of mentions of infrastructure investment linked to the country,” the report said.

In response to this, the Department of Trade and Industry (DTI) released its report on the plans and the steps that that Duterte administration is to take to make sure that they will be able to further improve the country’s economy. In the coming year alone, the agency stated that they have allotted P8.2 trillion to P9 trillion to fulfill its goal to have the “Golden Age of Infrastructure.” They also announced the following:

• The Philippine government can register 8 percent annual economic growth by year 2022.
• NEDA has already approved 18 public infrastructure projects.
• The Duterte administration plans to build a new 600-kilometer train system from Tutuban in downtown Manila through Albay to Sorsogon province in the Bicol region, with estimated construction costs of US$250 million to $300 million to be completed in four to five years.
• Infrastructure construction projects will be undertaken by the Duterte administration 24/7. Duterte described it as “non-stop and full-speed.”
• The infrastructure budget for 2017 will be P861 billion.

DTI also reported about the initiative of Sen. Loren Legarda to have 20 senators ratify the country to be one of the founding members of the China-led Asia Infrastructure Investment Bank (AIIB). Some of the country’s AIIB membership benefits are the following:

• It’s an additional source of financing to implement better and resilient infrastructure and to support rural and value chain development to increase agricultural and rural enterprise productivity and the rural tourism of the country.
• It will accelerate the country’s annual infrastructure spending to account for 5% of GDP, or higher.
• It will provide more employment opportunities for Filipino workers due to heightened infrastructure spending.

Lastly, the department reminded and told everyone to “work hard, be resourceful, dream, save, invest more, and help make 2017 a prosperous new year for the Philippines and Asia!”

To know more about DTI’s report, you may visit their website.

Source: DTI, Philippine Star, Fortune Magazine