MANILA, Philippines - Trade Secretary Gregory L. Domingo has expressed optimism that Philippine economic growth in the coming years would continue to outpace progress seen in the last five years.
“Over the last five years, the Philippines has grown an average of 6.5 percent in terms of gross domestic product (GDP), one of the highest in the region. But our average for the next decade should even exceed that,” Domingo said in an interview yesterday.
“Going forward, the momentum is such and the demographics are such that we should expect to see continued high growth for the Philippines for years, if not for decades to come,” he added.
For this year, the outgoing Department of Trade and Industry (DTI) chief said GDP growth in the next two quarters should be higher than that recorded in the first half of 2015.
First semester GDP growth was at 5.3 percent and will need to accelerate in the second half to hit the government’s seven- to eight-percent growth target for the year.
“The stars seemed to be aligned for the Philippines in the next few decades. Of course what the government needs to do is just make sure that the young people, when they move into the working age over the next few decades, are properly educated and well trained,” said Domingo, who noted that 50 percent of the country’s population are 23 years old and below.
Aside from the country’s upcoming hosting of the APEC summit this November, Domingo reported yesterday that the Philippines has also been chosen among 160 countries to be one of the three vice chairman of the 10th World Trade Organization ministerial meeting in Kenya this December.
“The Philippines has been made one of the three vice chairman of that meeting because of our push for the micro, small and medium enterprises agenda,” he said, adding details of the country’s role will be discussed next month.
Domingo, who already tendered his resignation as DTI chief and is likely to stay in his post until the year ends, said he is leaving the agency in the hands of competent undersecretaries who can continue what he started.
He remained mum on the reason for his resignation, but stressed none of the rumored reasons circulating at present are true.