Manila-based Asian Development Bank is projecting the Philippine economy to accelerate this year and in 2023 on the back of rising domestic investment and consumption as pandemic restrictions eased, allowing for more manufacturing and construction activities.
The Philippine economy will grow 6% in 2022, the Asian Development Bank says on Wednesday, April 6, 2022. DANNY PATA
Government measures issued last month to reopen the economy, lift mobility restrictions, expand coronavirus disease vaccination, and relax international travel restrictions will boost the services sector, according to the ADB. The ADB noted it is currently assisting the government to provide employer-led skills training to selected sectors to upgrade MSME workers’ competencies under the Skills Up Net Philippines program.
The lender added that increased public investment in large, priority infrastructure projects will continue to boost growth, with the government aiming to sustain infrastructure spending at over 5% of GDP in 2022 from 5.8% in 2021.
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