MANILA, Philippines — The Asian Development Bank has upgraded its 2017 and 2018 economic growth forecasts for the Philippines, with infrastructure investments seen to continue playing an important role in the country’s development. READ: ADB retains Philippine growth forecasts“This outlook assumes that growth in the government’s infrastructure program will accelerate, supported by improvements in budget execution, with more large investment projects under way,” the ADB said. The government plans to spend about P847.22 billion this year on infrastructure alone, equivalent to 5.32 percent of GDP as part of its “Build, Build, Build” program. Meanwhile, economic growth in Southeast Asia is picking up faster, ADB said, adding that the region’s GDP is now seen to expand by 5.2 percent in 2017 and 2018. “Developing Asia’s growth momentum, supported by recovering exports, demonstrates that openness to trade remains an essential component of inclusive economic development,” said Yasuyuki Sawada, ADB’s chief economist.

Source: Philippine Star December 13, 2017 06:56 UTC