“If we have a 6.5-percent growth this year, [it] will allow us to generate roughly 1.1 million jobs,” National Economic and Development Authority Director General Arsenio M. Balisacan said during the Senate national budget hearing August 19.
“The resurgence of manufacturing, developing tourism, linking farmers to the market through agribusiness developments, these are the areas where you can create high-quality jobs, and I really believe that if we succeed in realigning this budget, and we’re moving in that direction, we can lick this unemployment problem,” Balisacan added.
Growth in the first quarter of 2014 was slowed down by the effects of typhoon Yolanda. But reconstruction and rehabilitation projects for Yolanda victims will help increase growth. “We do think that the growth rate in the subsequent quarters from the second to the fourth quarters will be better than the first quarter,” Balisacan said.
Exports, imports and manufacturing output are also showing good data in the second quarter of 2014.
The World Bank sees that Philippine will reach 6.4-percent growth this year and 6.7 percent for 2015. However, Balisacan is positive that the country can reach 6.5 to 7.5-percent growth.
An economist from World Bank assured that if Philippines maintains its growth momentum, problem in poverty will be eradicated in a span of 20 to 30 years.