Philippines fastest growing economy in ASEAN-WB

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DAVAO CITY, Philippines — The World bank cites Philippines as the fastest growing economy in among all Association of Southeast Asian (ASEAN) countries.

The WB is its latest forecast said the economy i the country is fast growing.

Such developed is welcomes by Malacañang.

Presidential Spokesperson Harry Roque Jr. earlier  announced the WB’s Global Economic Prospects January 2018 Report,  highlighted the country’s notable economic growth.

The Philippines, according to Roque stressed that the Philippines will continue to be one of the top performing economies, especially with the passage of the Tax Reform for Acceleration and Inclusion (TRAIN) Act that is expected to boost the government’s infrastructure spending.

“The big rollout of major infrastructure projects would result in a substantial increase in our Gross Domestic Product (GDP) for 2018,” he said.

The Spokesperson added that the timely implementation of big-ticket infrastructure programs under the Duterte administration would be critical in bringing down the cost of doing business in the country and in making Filipino exporters more competitive.

Meanwhile, the Palace official also welcomed a report by the Bangko Sentral ng Pilipinas (BSP) showing that the country’s foreign direct investments (FDI) net inflows increased to US$2 billion in October 2017 from October 2016’s US$670 million.-Jiann A. Padillo/Newsline.ph

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