Phl seen as upper middle-income economy by 2022

MANILA, Philippines -  The Philippine Exporters Confederation Inc. (Philexport) is pushing for key reforms which it sees essential in transforming the Philippines into an upper middle-income economy by 2022.

Among the reforms include the implementation of the comprehensive tax reform program, increasing investments in infrastructure, easing restrictions on foreign investments, reducing the cost of doing business, and strengthening agro-industrial linkages.

Philexport president Sergio Ortiz-Luis Jr. said these initiatives are key for supporting growth, as the country is one of the fastest-growing economies in Asia, accelerating even faster than China, Vietnam, Indonesia and Malaysia.

He said such reforms are also consistent with the Philippine Export Development Plan 2015-2017 which outlines the strategies towards a more robust export industry.

“With all these going for us, the vision of transforming the Philippines into an upper middle-income economy by 2022 and close to becoming high-income by 2040 should be within reach,” the Philexport official said.

Projections from major local and multilateral international institutions on the country’s growth this year confirm the government’s gross domestic product (GDP) growth target of between 6.5 percent and 7.5 percent.

Philippine GDP last year accelerated to 6.8 percent, its strongest in three years.

“Exports is likewise expected to contribute to this overall growth, noting the gradual pick-up in global growth and commodity prices,” Ortiz-Luis said.