SPEAKER: ADB PROJECTION HAS PH ON GROWTH COURSE

By Maricel V. Cruz

SPEAKER Ferdinand Martin G. Romualdez on Saturday said the Asian Development Bank’s projection of sustained robust growth of the Philippine economy this year and in 2024 affirms that we are on the proper course to attain middle-income status by 2025.

In its ADB Outlook July Update, the bank said the country’s gross domestic product (GDP) will likely grow by 6.0 percent this year, the highest among major Southeast Asian countries. For 2024, the ADB sees the Philippine economy growing by 6.2 percent.

The ADB expects Indonesia to grow by 4.8 percent this year, Malaysia by 4.7 percent, Singapore by 1.5 percent, Thailand by 3.5 percent, and Vietnam by 5.8 percent.

“This steadfast pace of recovery from the effects of the COVID-19 crisis across the region is a clear indicator that the administration of President Ferdinand R. Marcos, Jr. has charted the right course and we are steadily sailing towards a brighter future for all Filipinos,” Romualdez said.