Diokno confident GDP growth can still hit 6% in 2020

Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno is optimistic that the Philippine economic growth will hit 6% this year, even amid the coronavirus disease (COVID-19) threat.

"We're still confident that we'll still hit 6% this year. Most of the things we plan to do are not heavily affected by the coronavirus like the Build, Build, Build," he said in a press conference in Manila City.

He was referring to the local gross domestic product (GDP), which the government targets to grow by 6.5% to 7.5% this year.

Should this be realized, it would be the third consecutive year that the Philippines failed to meet its economic growth target.

"There are many things that we should do while the whole world is a mess. Marami kaming homework na kailangang gawin so when all of this settles down we'll be in a stronger position," Diokno stated.

Among the growth drivers seen are the government's ambitious infrastructure spending program, and the tapping of the country's growing working population.

"We have to fix our infra," Diokno said, noting that growing population. "That's our big advantage—a young, educated population with the median age now at 25."

"We have to look at how we can further improve governance, ease of doing business, et cetera and so forth, so while the whole world is being distracted by the coronavirus, let's do our homework," added Diokno. — BM, GMA News