Phl needs to accelerate investments - World Bank

The Philippines will need to see a sustained increase in investments to achieve higher economic growth, according to the World Bank.

- LOUELLA DESIDERIO

Gonzalo Varela, lead economist for the Philippines at the World Bank told reporters that the economy has a potential growth rate of 5.5 to six percent, if it could use all its resources efficiently.

Over the past few years, he said the economy has been above or below its potential growth, being very close to that rate.

"If we want the growth rate of the economy, the potential growth rate of the economy to keep going up, basically, we will need acceleration in investments to happen," he said.

He said two things are going to be critical to enable investment acceleration or sustained growth of investments in the country.

First is through a commitment to fiscal responsibility.