Philippine Government development plans targeted GDP growth in the 7-8% range when the global economy was growing robustly.25 Economists and political leaders are confident that high growth is again possible with better governance, modern infrastructure, and much higher domestic and foreign investment. We suggest the GRP organize a Special Experts Group comprising leading economists, businessmen and senior government leaders to recommend key reforms that will help the economy recover and grow at least 9% by the middle of the next presidential term.
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25 The current Medium-Term Philippine Development Plan (2004-2010) targeted 7.0-8.0% GDP growth for 2010. The economy achieved 7.2% GDP growth in 2007.
26 US$ 7.5 billion is 2.5 times the net FDI in 2006 and 2007.
27 US$ 100 billion is double the value of exports in 1987 and assumes a 20% rate of increase from 2010.
28 Department of Trade and Industry (DTI) launched a new Philippine Investment Promotion Plan in mid-2010 to coordinate the efforts of 11 investment promotion agencies (IPAs). However, no additional budget for promotion was announced.
