THE National Economic and Development Authority (NEDA) allayed concerns about imminent risks of overheating, saying that the country’s solid macroeconomic conditions and ongoing reforms make the economy ready for sustained and higher growth.
The World Bank, in its April 16 report “Philippines Economic Update: Investing in the Future,” cited the country as among the top three growth performers in the region, after Vietnam and China in 2017. It attributed the Philippine growth to the strong exports which rose sharply in 2017.
It added, however, that the Philippines is at risk of overheating, NEDA pointed out in a press statement.
“As we tread a high growth trajectory, risks are typically present on both domestic and external fronts. Nevertheless, we remain vigilant in monitoring these developments. And we already have the platform to effectively address these concerns,” Socioeconomic Planning Secretary Ernesto Pernia said.
Pernia reiterated that reforms are gaining traction with the groundwork for change already initiated in 2017. Some of these reforms are focused on easing business transactions with the government, filling the infrastructure gaps, and improving both the quantity and quality of the human capital in the Philippines.(PR)