The Philippines continues to be one of the strongest and fastest-growing economies in Southeast Asia.
According to the East Asia and Pacific Economic Update report released recently by World Bank, the government needs to ramp up its spending in order to sustain the country's economic momentum. Infrastructure spending and development, in particular, are essential in order to support growth, calling the projects under the public-private partnership program as "new sources of growth". Representatives of the International Monetary Fund also highlighted the need to expedite infrastructure investment and open up the sector to increased competition by lifting restrictions on foreign investors for long-term growth.
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