Manila welcomes World Bank economic outlook for Philippines

10:19, July 07, 2011      

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The Philippine government welcomed on Wednesday the World Bank's economic growth forecast for the country despite being lower than the official target of the adminsitration of President Benigno Aquino III.

Presidential Spokesperson Edwin Lacierda said that the World Bank report acknowledges that the economic fundamentals of the Philippines have significantly improved from where they were a few years ago.

"The report recognizes the significance of the reforms undertaken by the administration, and how these measures provide stability as we pursue inclusive growth. This is another manifestation of the thorough scrutiny of public policies and programs we have undergone, and the positive conclusion arrived at after due diligence and study," he said.

The Washington-based lending agency maintained the 5 percent and 5.4 percent projected gross domestic product (GDP) growth of the Philippines for this year and next year, respectively.

The Aquino administration is eyeing 7-8 percent GDP expansion for this year until 2015.

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