PH’s Economy to be the fastest in ASEAN Region
- Nicole Dela Cruz
- Jan 10, 2018
- 1 min read
Graphic from RAPPLER
Philippines sets to be the most fastest growing economy among ASEAN countries. Philippines will grow its GDP into 6.7 % in 2018 to 2019 according to the World Bank.
Due to growing economy, the electric demand of the country will increase in 5% as the years goes by.
In the Philippines there is only one electric provider, it is the Manila Electric Company or MERALCO. No competition and will result into a higher price of electricity leaving Filipinos to pay a higher electricity bills.
Most likely to happen when the TRAIN Law will be enacted and there will be an added VAT on coal and oil next month, February.
The country has other kind of electric source which was located in Morong, Bataan, a nuclear power plant that was never been used in the past 40 years. It cost $2 billion.
It requires $1 billion of investment to revive the power plant that has a 620-megawatt.
“The Philippines will continue to be the fastest-growing economy in the Association of Southeast Asian Nations (Asean), despite some stabilization of investment growth,” the Washington-based multilateral lender said in its January 2018 Global Economic Prospects report released Wednesday morning.