World Bank sees expansion of more than 6% until 2019MANILA: After years spent languishing behind its neighbours, the Philippines is finally catching up with its fellow Asian tiger economies as it posts some of the fastest growth rates in the world. Growth in the Philippines was 6.8% in 2016, faster than China’s, data released showed. The region’s former powerhouses are giving way to newcomers like the Philippines and Vietnam, whose younger populations and rising middle classes help lure manufacturers. The Philippines is among the least reliant on exports in the region, depending instead on a youthful and growing consumer base. To compete, Duterte is planning to boost infrastructure spending to 7% of GDP from the previous administration’s goal of 5%.

Source: The Star January 26, 2017 23:07 UTC