Kampante: Dominguez sees 7% GDP growth doable
This Cabinet official remains confident that growth goals are within reach.
Finance Secretary Carlos Dominguez III said he remains assured that the 7 percent target for expanding the economy is “sustainable” under the Duterte administration, with infrastructure modernization seen the key to “supercharge” the domestic scene.
Spending P8.4 trillion under the “Build, Build, Build” program would kickstart rapid economic activity and invite more investments to the Philippines, which in turn will assure that economic output has nowhere to go but up.
“The 6.5 percent growth for the first semester makes the Philippines the second fastest growing economy in Asia after China. We retain the 7 percent growth rate target for the year, spurred by the investment spending in the infrastructure program. We believe this growth rate is sustainable well into the medium term,” Dominguez said in a statement.
“Investing in infrastructure has the highest multiplier effect on the economy. It creates construction jobs in the short term and manufacturing jobs in the long term. It improves land prices, assists in raising our agricultural productivity and encourages dispersal of our industries into the regions,” the Cabinet man added.
While the economy has so far grown by 6.4 percent between January-June, there’s still roughly six months to catch up to that target. Stay tuned.