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PH to sustain 7 pct growth, finance chief tells Japanese businessmen

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<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img src="http://sa.kapamilya.com/absnews/abscbnnews/media/news-special1/nation/10/26/102616_dom.jpg"/><figcaption><div class="embed-desc">Finance Secretary Carlos Dominguez attends Philippine Economic Forum in Tokyo, Japan October 26, 2016. <em>Kim Kyung-Hoon, Reuters</em></div></figcaption></figure></div><p>TOKYO - The Philippines will work to sustain economic growth at 7 percent or more under President Rodrigo Duterte, his finance minister said Wednesday, as he urged Japanese businessmen to invest in the country.</p><p>Duterte will ease ownership restrictions for foreign businessmen in a planned rewrite of the 1987 Constitution to spur investments, Finance Secretary Carlos Dominguez said in a trade forum here.</p><p>&quot;We intend to sustain GDP growth of 7 percent or better and bring down poverty rate from 26.5 percent to 17 percent in 2022,&quot; Dominguez said.</p><p>Economic planning Secretary Ernesto Pernia said the government was eyeing 6.5 percent to 7.5 percent growth in 2017 and 7 percent to 8 percent growth in 2018.</p><p>&quot;This can be sustained only if underlying infrastructure support is provided,&quot; Pernia said in the same forum.</p><p>The economy <a href="http://news.abs-cbn.com/business/08/18/16/economy-grows-7-pct-in-2q-as-duterte-pledges-inclusive-growth"><strong>grew 7 percent </strong></a>in the second quarter, one of the fastest growth rates in Asia, boosted by spending for the May elections.</p><figure class="op-interactive"><div id="IVS_ABS_Body_Video_1_Container"> <ivs-player id="IVS_ABS_Body_Video_1" data-ivs-spid="3001339" data-ivs-key="e8c22c015ca9eafa76f1e3edfa03c603" data-ivs-vid="1462365" data-ivs-floating="1"></ivs-player> <script src="https://player.ivideosmart.com/ivsplayer/v4/dist/js/iframe-parent.js"></script> <script src="https://player.ivideosmart.com/ivsplayer/v4/dist/js/loader.js"></script> </div></figure><p>The Constitution limits<a href="http://news.abs-cbn.com/business/05/12/16/duterte-wants-to-open-philippines-to-foreign-investors-aide"><strong> foreign ownership</strong></a> of businessmen to 40 percent and Duterte, during the campaign, has pledged to increase this.</p><p>Duterte is in Tokyo for a three-day official visit as he seeks stronger ties with Asian countries while distancing the country from its long-standing ally, the United States.</p><p>The Philippines and Japan are scheduled to <a href="http://news.abs-cbn.com/business/10/25/16/ph-japan-to-sign-15b-in-trade-deals-dti"><strong>sign $1.5 billion in trade deals</strong></a> on Wednesday. Duterte is also set to meet with his Japanese counterpart, Shinzo Abe. -- <strong>with reports from Christian V. Esguerra and Reuters</strong></p>

<p>The Philippines will work to sustain economic growth at 7 percent or more under President Rodrigo Duterte, his finance minister said Wednesday, as he urged Japanese businessmen to invest in the country.</p>

The Philippines will work to sustain economic growth at 7 percent or more under President Rodrigo Duterte, his finance minister said Wednesday, as he urged Japanese businessmen to invest in the country.