MANILA, Philippines — The Philippine Infrastructure will achieve a faster economic growth nearly to 7% due to the governments massive infrastructure project which is the Build Build Build program said by Standard Chartered Bank
Chidu Narayanan an Stanchart economist for Asia said the implementation of various infrastructure project puts upside risks on GDP growth forecast of 6.7% for the Philippine for the year 2018
He also said “Fuller implementation of infrustracture project could push Philippines GDP close to 7%”
“the activity to infrastructure was much higher in the first quarter of 2018 than in the same quarter last year but slowed a little from fourth quarter of 2017; we expect the pack to pick up. The operational issue at the district level and bureaucratic red tape persist”. Narayanan added.
According to the economist, the Department of Budget and Management (DBM) forecasts infrastructure spending to hit 6.3 percent of GDP in 2018 from an average of 2.7 percent from 2011 to 2015.
According to The Department of Budget and Management(DBM) the forecasts infrastructure spending to hit 6.3 % of Gross Domentic Product in 2018 from an average of 2.7% from 2011 to 2015.
The infrastructure spending grew to 4% of GDP in the first quarter base on the latest data.
This year Duterte administration has committed to spend at least P8.4 trillion to increase the infrastructure spending until 2022.
The Philippine has reserve 77 quarters of continues growth as the GDP growth increased to 6.8 percent in the 1st quarter from the last fourth quarter last year of 6.5%.
The Economic managers through the cabinet-level Development Budget Coordination Committee have forecast the Gross domestic product growth of between 7 to 8% this year from last year GDP of 6.7%