The toll of global recession on the Philippine economy is easing, according to the Asian Development Bank’s forecast presented April 13. Remittances of overseas Filipino workers have kept local spending robust, but the country needs to invest in infrastructure, education, health and the private sector to sustain economic growth.
Neeraj Jain, ADB’s top official for the Philippines, echoed the figures inked in the bank’s annual economic outlook. The country’s gross domestic product was pegged at 3.8 percent in 2010 and 4.6 percent in 2011, both indicating expansion from that of 2009 but still below the Philippines’ potential growth at 5.5 percent.
Asia’s situation post-global crisis also revealed encouraging recovery. Other observations include manageable inflation, shift to private demand, and commitment to prudent monetary and fiscal policies.