Philippine GDP growth to hit 5%-7%

13:51, August 18, 2010      

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The Philippine economy is forecast to grow 5 percent this year and 7 percent in the next five years, a level that is expected to slash the country's high poverty level.

Socioeconomic Planing Secretary Cayetano Paderanga said Wednesday that the country's economic managers will pursue an " inclusive growth framework."

"At these growth rates and given the right policies, economic gains will translate into higher per capita income and effectively reduce poverty," Paderanga told reporters.

The Philippines has once of the highest poverty rate in the region, with about a third of its nearly 100 million population living on less than two U.S. dollars a day.

Paderanga said that "high and sustained growth" will create jobs and reduce poverty. This is why it's important to encourage investments in the country.

"The government will provide an enabling environment for private sector investment and entrepreneurship through a stable macroeconomic environment," he said,.

He added that sound and consistent public policies, increased investment in infrastructure and effective anti-corruption measures will help in raising investor confidence in the Philippines.



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