Philippines seen growing 6.2% this year

MANILA, Philippines - Philippine economic growth should accelerate this year, although still below the government’s seven to eight percent target, the Institute of Chartered Accountants in England and Wales (ICAEW) said in a report.

ICAEW has estimated the country’s economic growth at 6.2 percent this year, faster than the 6.1 percent recorded in 2014 but still below the government’s target.

“Infrastructure problems persist, threatening the Philippines’ stellar growth rate, and blackouts are foreseen (this) year. A focus on this area … (this year), made possible partly by strong public finances, should enable the islands to pursue a raft of infrastructure projects,” the ICAEW said in a report.

The economy grew by only 6.1 percent in 2014, slower than the stellar 7.2-percent growth recorded in 2013. This was also short of the government’s 6.5-to 7.5-percent goal but the figure was the second fastest in Asia during the period.

The government has already awarded nine projects worth about P135 billion under the Aquino administration’s public-private partnership program, which launched in late 2010.

The government’s PPP center in December said another P625 billion worth of projects are being readied under the program to further improve the country’s infrastructure and also help boost domestic economic growth.