(Source: Rappler | December 22, 2018)
The Philippine Chamber of Commerce and Industry (PCCI) is optimistic that the country can achieve the 6.7% growth rate in 2019, despite soaring inflation.
According to PCCI, the growth would be due to “robust” consumer and government spending.
“We agree with the Asian Development Bank (ADB) and the World Bank that see a growth rate of 6.7% for 2019 despite rising global uncertainty,” the trade organization said.
Its prediction came after a slashed growth estimate from the ADB, which initially released a rosy prediction of 6.9% growth in 2019.
The Philippine economy has been hit by global shakeups in the past months due to rising oil prices and the trade war between superpowers United States and China.
Still, the PCCI said the Philippines remains to be “one of the more resilient economies in Asia.”
The largest business group stressed the Philippines’ hosting of the 2019 Southeast Asian Games and the upcoming national elections as deciding factors in its projection.
The PCCI also predicts rise of public construction amid the Duterte administration’s Build, Build, Build campaign, surge in foreign direct investments, growth in tourism, following the reopening of popular tourist destination Boracay, and improvement in employment, both in quality and quantity.
The organization also advised the government to streamline business permitting and licensing, eliminate port congestion, and address contractualization in implementing Build, Build, Build projects to stimulate the economy.
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