Philippine Growth to Pick Up in 2Q

Philippines economic growth will meet at least the low end of government’s target this year, with job-generating investments helping sustain the momentum, a cabinet official told lawmakers on Tuesday, abs/cbn reported. The government has set a 6.5-7.5% gross domestic product growth goal this year and 7-8% annually from 2018 to 2022. The economy expanded by 6.4% in the first quarter. Socioeconomic Planning Secretary Ernesto Pernia said the government would spend P8.1 trillion ($16 billion) throughout President Rodrigo Duterte’s term to build new roads, bridges and airports to help spread growth to the countryside.