“Domestic demand’s luster should have undiminished shine, as government spending on infrastructure and consumer spending, amidst rapidly rising peso OFW remittances,” it said. The government earlier said the economy was expected to grow between 6.5 percent and 7.5 percent this year, anchored on higher fiscal spending, robust domestic demand and investments. Dominguez said the increased investments in infrastructure would be pursued without sacrificing the fiscal stability the government worked so hard to achieve. He said the government intended to fund the investments through official development assistance and a substantially broader revenue base. The International Monetary Fund retained a growth forecast of 6.6 percent for the Philippines this year.

Source: The Standard October 23, 2017 11:37 UTC