Upbeat
No. 29.08.14 No. 2116 10.30.2008
PHL is next Asian miracle World Bank (WB) President Jim Yong Kim stated that the Philippines would be the next Asian “miracle.” WB relegated its overall global [economic] growth forecast from 3.2% to 2.8% but did not include the Philippine economy. The forecast for the country stayed around 6.4% with a lot of upside going into the future. “So I will just say again, maintain these reforms, continue on the path that you’re on, and I think the future is very bright for the Philippines,” Kim said.
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As Kim offered a toast during a luncheon meeting in Malacañang Palace, he said to President Benigno S. Aquino III, “each of those things you’re doing are not only the right things to do but they’re laying the foundations for your economic growth in the future.”
“Can the Philippines be the next Asian miracle? [After] coming here, I think there is no question that is the case,” Kim said. He praised the Aquino Administration for its anti-graft campaign. He also mentioned that tackling corruption is one important thing and the government is frankly doing better than any government in the world. Kim added that “the Philippines is absolutely in the forefront of this transformation.” The country has huge potential because of the country’s strong macroeconomic fundamentals, prudent monetary policies, and young workforce. Kim said that WB was providing USD 119M for the construction of new roads, bridges, and irrigation systems in Mindanao to upkeep the efforts to promote peace and economic development in the region. Furthermore, WB’s private investment arm, International Finance Corp. (IFC), is also working on projects that will generate 6,000 new jobs in Mindanao. They are still confident of the Philippines’ prospects, acknowledging the Aquino Administration’s robust investments in areas such as education and healthcare over the last four years.