The Philippine economy will hinge its expansion on manufacturing, trade, private services, finance, and construction in 2011, the National Economic Development Authority said.
In a briefing, Cayetano Paderanga, NEDA director general, said these five sectors will boost the Philippines\\\' gross domestic product, the sum of all goods and services produced within the country, to a growth of between seven percent and eight percent next year. [Read about the benefits of a strong economy to SMEs here]
“The recovery from the global financial crisis has brought back demand for trade and manufacturing. Private service is expected to grow as business processes outsourcing and tourism continue to grow,” Paderanga told the media.
While stimulus to drive the economic recovery is already on a slowdown worldwide, Paderanga remains confident that its effects will not be as pronounced on the Philippines. [Read about the success of the government\\\'s One Town, One Product project here]
“Private consumption is already growing and government spending for 2011 will still be on infrastructure,” the NEDA director general said.
Some of the projects lined up for 2011 include the improvement or construction of at least four airports, the MRT and LRT lines in Metro Manila, and two expressways.
The airports lined up for improvement are in Bohol, Puerto Princesa in Palawan, and Daraga in Albay. The airport in Laguindingan, Mizamiz Oriental is up for privatization.
Meanwhile, expressways that will be completed include the Ninoy Aquino International Airport expressway project and the Cavite side of the Cavite-Laguna Expressway.