Philippines Should Boost Spending

The World Bank says the Philippine economy may grow faster than expected if public infrastructure spending is increased as planned, AP reported. The bank said if that happened, the country’s economic growth may exceed the earlier forecasts of 6.4% this year and 6.2% in the next two years. It also noted Monday that some businesses might be cautious given uncertainty over the ultimate direction of macroeconomic policy under President Rodrigo Duterte’s administration. A bank report says in 2017, 40% of planned government spending on infrastructure will be for roads, railways, seaports and airports—spending that can boost industrial activities, real estate, construction and tourism.