MANILA, Philippines, The Asian Development Bank (ADB), reiterated its view that the Philippines economy will grow by an even faster clip, in the years ahead, on the back of rising manufacturing and other investments.
Ramesh Subramaniam, ADB Director General for Southeast Asia, said, rising labour productivity, as well as, investments in manufacturing and technology, are building up the economy's productive capacity.
"This means, there's even further room for the Philippines economy to grow," he said, in the media briefings, on the sidelines of the 51st ADB annual meeting, which the Philippines is hosting.
Subramaniam said, the ADB does not see any material risk of overheating for the Philippines, even as it has become one of the fastest growing economies in Asia in recent years.
He said, rising investments are sufficiently meeting robust domestic demand, thus helping keep inflation relatively manageable.
Based on ADB's latest forecasts, the Philippines economy will grow by 6.8 percent this year, and 6.9 in 2019, up from 6.7 percent in 2017.
ADB has been one of the Philippines' major development partners for over 50 years, serving as among the biggest sources of official development assistance.
Subramaniam said, the ADB is keen on adapting to the changing financing needs of member economies, including those that are reaching higher income levels, like the Philippines.
ADB has earlier expressed support to the Philippines' most ambitious infrastructure programme to date. Under the "Build Build Build" programme, the government will spend about 160 billion U.S. dollars, on vital public infrastructure all over the country.
Among the recently announced infrastructure financing from the ADB is a 380million U.S. dollar loan, that will help improve 280 kilometres of national roads and bridges in Mindanao, in the southern Philippines
Source: NAM NEWS NETWORK