The President’s economic team will be meeting with credit-rating agencies in Washington this week, according to National Economic and Development Authority (Neda).
Socioeconomic Planning Secretary Ernesto M. Pernia recently told reporters these meetings will be done at the sidelines of the World Bank-International Monetary Fund Spring Meetings in the United States.
“We’ll of course highlight the positive tidings and good plans moving forward. Central Bank Governor Amando Tetangco Jr., [Finance] Undersecretary Gil S. Beltran and [Neda] Undersecretary Rolando G.Tungpalan will be with me,” Pernia said.
Among the positive developments and plans to be discussed are the strong growth of the economy, which is expected to reach 7 percent in the first quarter of the year.
This growth will be boosted by the government’s plans to undertake P8.4 trillion-worth of infrastructure projects under the Duterte administration.
The infrastructure projects include a list of 55 to as much as 75 flagship projects that are yet to be presented to the President. The list will be finalized in the Neda Board meeting in May.
Pernia said these projects will ensure that the economy’s high growth trajectory will be sustained by the current administration.
The Duterte administration targets a 6.5 to 7.5 percent in 2017 and 7 to 8 percent annually between 2018 and 2022.
The Philippines’s economic growth has steadily increased to 6.9 percent in 2016 from an average of 2 percent between 1980 and 1989; 2.8 percent between 1990 and 1999; 4.5 percent between 2000 and 2009; and 6.2 percent in 2010 to 2015.
“The Philippine economy has been very resilient, growing at 6 percent plus during periods of distress in our major trading partners. With our partners facing higher growth, we expect more growth drivers to perk up the economy,” Beltran said.
Neda estimates that the Duterte administration will be able to create an average of 1.6 million jobs every year between 2017 and 2022.
This is based on the Neda’s estimation of the impact of the Duterte administration’s infrastructure spending, which could increase the annual average additional gross value added (GVA) to GDP to 3.4 percent.
The Neda estimates the government’s public infrastructure spending will create 106,824 jobs in 2017; some 823,696 jobs in 2018; around 1.12 million in 2019; 1.23 million in 2020; 1.399 million in 2021; and 1.705 million by 2022.
Data showed additional GVA will be 0.3 percent in 2017; around 2.6 percent in 2018; some 3.5 percent in 2019; another 3.9 percent in 2020; an addition of 4.4 percent in 2021; and 5.4 percent by 2022.