SOAR HIGH PHILIPPINES

Philippine economic development has been very fast lately.

Business groups led by the Philippine Chamber of Commerce and Industry (PCCI), Management Association of the Philippines (MAP) and the Philippine Exporters Confederation Inc. (Philexport) agreed that achieving an eight percent gross domestic product (GDP) growth for the country is not a question of if but a question of when. A Philippine economy growing by eight percent should not be a problem under the incoming administration, local business groups said.Business groups led by the Philippine Chamber of Commerce and Industry (PCCI), Management Association of the Philippines (MAP) and the Philippine Exporters Confederation Inc. (Philexport) agreed that achieving an eight percent gross domestic product (GDP) growth for the country is not a question of if but a question of when.“I would think it’s a possibility, especially with the incoming administration’s planned push for agribusiness. In the past, instead of growing, our agribusiness has taken a step back. Given how strong our economy is now and if we put more on agriculture, then eight percent GDP growth is definitely a possibility,” PCCI president George Barcelon told The STAR.“Given the fact that we know he (incoming president Rodrigo Duterte) is an implementor, definitely six percent is very achievable this year. In fact, we might be surprised it might even go as high as eight percent during his term,” MAP president Perry Pe said in a separate interview.Philexport president Sergio Ortiz-Luis Jr., meanwhile, said the incoming administration’s strong focus on micro, small and medium enterprises (MSMEs), ease of doing business, human capital, infrastructure development, and increased agricultural and rural enterprise productivity and rural tourism are seen as key drivers to the country’s expected robust economic growth in the years ahead.