Local growth rate seen as high as 8% in five years

The country’s growth rate could hit as high as 8% in five years, according to Dr. Bernardo Villegas, research director at the University of Asia and the Pacific. The current growth rate is at least 6%. The expected 8% growth rate will be mainly driven by the USD30bn annual remittances of 10 million overseas Filipino workers and the USD25bn revenue generated by the business process outsourcing (BPO) industry, Villegas said. Except for extraordinary circumstances, such as a nuclear conflict between North Korea and the US, Villegas said the high growth rate will prevail.