The World Bank said that while the Philippine economy is looking up, infrastructure development in the country is lagging behind that may affect the country’s long term growth.

World Bank country director Bert Hoffman stressed this in a keynote speech at the opening of the 35th Philippine Business Conference at the Manila Hotel.

“The Philippines forecast is looking up,” Hoffman said noting that the Philippines has done well and has been ahead among other countries in the region.

But the key difference with other successful countries is on the issue of investments in the infrastructure sector.

Hoffman said there is a need to raise the level of infrastructure investments to between 20 to 25 percent of GDP in order to increase services and alleviate the poverty level in the country.

He noted that a 15 percent infrastructure investments to GDP is not enough to generate growth.

While other countries have been improving their investments infrastructure developments the Philippines has been lagging behind and this is “worrisome for long term growth.”