In a text message, presidential spokesman Secretary Edwin Lacierda attributed the World Bank’s optimism to the administration’s economic policies.
“It’s a recognition of the administration’s prudent fiscal management, sound monetary policies and the governance structural reforms we have undertaken,” Lacierda said.
In a recent report, the World Bank said the Philippines continues to have growth potential despite challenges posed by natural calamities and a recovering global economy.
The Philippine economy grew by 6.4 percent during the second quarter of the year—the second fastest in Asia—amid the lingering effects of Typhoon Yolanda, which devastated parts of the country late last year.
Communications Secretary Herminio Coloma Jr., meanwhile, said the World Bank’s assessment “mirrors the optimism and confidence” of European and American government and business leaders.
“They believe in the solid growth prospects of the Philippines, and its suitability as a hub for Asian operations, especially because of our highly skilled and competent people and on account of good governance,” he said in a separate text message.
Last month, President Benigno Aquino III embarked on a two-week visit to Europe and the United States to woo investors to the Philippines. He was able to bring home $2.38 billion in investments from his Europe trip and $2.35 billion from his US visit. —KBK, GMA News
