Improved investment climate to push PHL economic growth — WB
GMATv.net
02/23/2011
If its investment climate would continue to improve, the Philippines will likely post a respectable economic growth of more than 5 percent this year and the next, according to a World Bank report released Wednesday.
In its latest publication, "Philippine Quarterly Update," the multilateral institution said a more competitive investment environment will possibly drive the Philippines to have a growth forecast of more than 5-5.4 percent in 2011 and 2012.
World Bank country director Bert Hofman said in a statement that last year's "strong" private investment and upbeat business confidence are "encouraging signs that the economy can attract investments needed to boost potential growth and generate more jobs."
The Philippine economy grew by 7.3 percent last year — the highest in 34 years.
The report, however, identified the mounting of international oil and food prices as "downside risks" that could drag the economic growth of the Philippines.
The bank said price increases in the domestic front are projected to remain "contained" due to recent strong domestic palay production, good planting intentions, record stock piles of rice, and domestic retail prices significantly above international prices.
National Statistics Office records showed that the country's inflation accelerated to 3.5 percent in January — the fastest acceleration since August last year — from 3 percent in December.
Inflation averaged at 3.8 percent last year, well within the forecast range of 3.5-5.5 percent. The Bangko Sentral ng Pilipinas has set the annual inflation to average from 3-5 percent this year. — JE/OMG, GMA News
In its latest publication, "Philippine Quarterly Update," the multilateral institution said a more competitive investment environment will possibly drive the Philippines to have a growth forecast of more than 5-5.4 percent in 2011 and 2012.
World Bank country director Bert Hofman said in a statement that last year's "strong" private investment and upbeat business confidence are "encouraging signs that the economy can attract investments needed to boost potential growth and generate more jobs."
The Philippine economy grew by 7.3 percent last year — the highest in 34 years.
The report, however, identified the mounting of international oil and food prices as "downside risks" that could drag the economic growth of the Philippines.
The bank said price increases in the domestic front are projected to remain "contained" due to recent strong domestic palay production, good planting intentions, record stock piles of rice, and domestic retail prices significantly above international prices.
National Statistics Office records showed that the country's inflation accelerated to 3.5 percent in January — the fastest acceleration since August last year — from 3 percent in December.
Inflation averaged at 3.8 percent last year, well within the forecast range of 3.5-5.5 percent. The Bangko Sentral ng Pilipinas has set the annual inflation to average from 3-5 percent this year. — JE/OMG, GMA News
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