World Bank hails Philippines as next Asian miracle

0
206

Manila: Philippine President Aquino on July 15 received profuse praise from visiting World Bank president Jim Yong Kim, who declared that the Philippines would be the next Asian “miracle”.

Kim, who was in Manila for a two-day visit, also announced that the World Bank was providing US$119 million for the construction of new roads, bridges and irrigation systems in Muslim Mindanao in support of efforts to promote peace and economic development in the region.

During the open forum at the Daylight Dialogue in Malacañang, Kim recalled that the World Bank had downgraded its “overall global [economic] growth forecast from 3.2 per cent to 2.8 per cent”.

But the World Bank did not do so for the Philippine economy, where the forecast remained “around 6.4 per cent with a lot of upside going into the future.

“So I will just say again maintain these reforms, continue on the path that you’re on, and I think the future is very bright for the Philippines,” Kim said.