The Institute of Chartered Accountants in England and Wales (ICAEW) projected that the growth of the Philippine economy will accelerate and hit 6.2 percent in 2015, faster than 2014's 6.1 percent growth. This figure is far below the 7-8 percent growth target set by the Philippine government.
The Philippines posted a 6.1 percent economic growth in 2014, much lower than the 7.2-percent posted in 2013. This growth was the second fastest in Asia for that period, but it still fell short of the upper limit of the government's 6.5 to 7.5-percent target for 2013.
According to ICAEW's report, the conservative estimate for 2015 was due to persistent infrastructure problems and blackouts that may threaten the country's strong growth rate. However, ICAEW said that strong public funding should allow the country to implement infrastructure improvement projects.
Under the Aquino government's public-partnership program implemented in 2010, nine infrastructure projects worth P135 billion have already been awarded. In December 2014, the country's Public-Private Partnership (PPP) center reported that another set of projects worth P625 billion was being prepared to improve infrastructure and economic growth.