If we’re to rely on the results of the latest survey of the Social Weather Stations, more Filipinos now feel optimistic that their quality of life would improve within the next 12 months. The September 2017 survey found that 43 percent believe that over-all, the economy would get better in 2018.
The optimism is not without basis. The approval by the National Economic and Development Authority this year of P1 trillion worth of infrastructure projects, means more jobs for our labor force. Among these big-ticket projects are the Clark airport expansion; Metro Manila subway; and the north-south railway projects; and the 130-kilometer first phase of the Mindanao railway network. These projects will be financed through the national budget or official development assistance.
Another indication that the economy is on a roll is that investment pledges by foreign firms have jumped by two-thirds year-on-year to P43 billion. The government plans to increase the number of sectors to be further opened up to attract more foreign direct investments, including construction, practice of professions, telcos, and retail trade.
Yet another piece of good news is that both the World Bank and the Asian Development Bank have upped their projections of the growth of our GDP is seen to grow faster in the fourth quarter than the nine-month average of 6.7 percent during the fourth quarter, with annual growth seen reaching the 7-percent mark next year due to massive infrastructure buildup, increased government spending, and sustained exports growth.
All in all, the economy’s doing very well, with bright prospects for a much-improved quality of life for Filipinos in the years ahead.