MANILA-- Mitsubishi UFJ Financial Group Inc. (MUFG), Japan's biggest bank, forecasts the Philippine economy to grow between 6 to 7 percent this 2017.
The bank's executives cited economic gains from the programs and policies of the Aquino administration and the strong commitment of the Duterte administration to further pursue measures to sustain robustness of the Philippine economy.
Takayoshi Futae, Managing Executive Officer and Chief Executive Officer for Asia and Oceania MUFG's Bank of Tokyo-Mitsubishi UFJ, Ltd (BTMU), said the bid to improve infrastructure in the Philippines has gained further support after the current government vowed to continue economic policies of the previous administration.
"Clearly President (Rodrigo R.) Duterte said he really wants to improve infrastructure development. So I really became more serious about helping this country to grow," he said.
Tadahiro Miyamoto, BTMU Manila branch General Manager, said a major highlight of the Duterte administration's 10-point economic agenda is sustained economic growth through higher infrastructure investment.
"When we saw that it was very comforting for us There is no big change from the previous government in terms of policies It is beneficial to the country and the people," he said.
The current government bids to increase infrastructure investment to 5.3 percent of gross domestic product (GDP) this year to achieve higher growth print, ensure more inclusive growth and make the Philippines a high income country in one generation.
Futae said MUFG is "committed to supporting Asia's growth", citing that the financial institution is the world's biggest project finance provider.
He said the Philippines and Thailand is among the key markets in Asia that FUMG is committed to strengthen their business in.
Last year, BTMU bought 20 percent stake in Security Bank Corporation (Security Bank) through a PHP36.9 billion investment.
"We are very bullish and very happy with the alliance with Security Bank. We believe in this country's big potential," Futae said.
Futae said Japanese investors consider the Philippines a priority investment destination and they are willing to explore more business opportunities in the domestic economy.
He said Japan Prime Minister Shinzo Abe's commitment to investment about 1 trillion yen, which he announced during his recent visit to the country, will be met with the help of the private sector through placements not only on infrastructure projects but also on power and food. (PNA)
Source: Philippines News Agency