MANILA – The Philippine economy is expected to hit the lower range of the growth target this year, largely driven by higher infrastructure spending and robust domestic demand, First Metro Investment Corp. (FMIC) and the University of Asia and the Pacific (UA&P) said Monday.
“We remain optimistic that the Philippine economy will continue to grow at a fast pace and we have every reason to believe this,” FMIC President Rabonni Francis Arjonillo said in a press briefing in Taguig City.
Economic growth is expected to hit 7.0 to 7.5 percent this year, compared with government’s target range of 7.0 to 8.0 percent.
“Domestic demand remains strong, with 8.3-percent growth rate, and investments have been escalating at a double-digit pace in 15 of the last 24 quarters,” he said.
FMIC has said that an economic growth of 6.5 to 7.0 percent would be a no-brainer, given the expected surge in infrastructure spending this year.
The economy grew by 6.8 percent in the first three months of the year, fueled largely by government spending. (GMA News)
