World Bank: Philippine Economy to Grow Close to 7%

Shoppers and pedestrians walk past stalls at Quiapo Market in Manila.

Photographer: Taylor Weidman/Bloomberg

Manila, Philippines (AP) -- The World Bank says the Philippines will remain a top performer in East Asia, with its economy forecast to grow close to 7 percent in the next three years.

A bank report released Tuesday said the economy is projected to grow 6.9 percent this year and next, and 6.8 percent in 2019, with government's implementation of planned infrastructure projects to spur additional business activity, create more jobs and increase household consumption and poverty reduction.

The report said the poverty rate fell to 21.6 percent in 2015 from 25.2 percent in 2012 thanks to higher employment, low inflation and improved incomes.

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