The government has applied political will to implement reforms towards inclusive growth but conceded such progress cannot be attained within the term of President Aquino.
After foreign business executives called for bolder actions to promote inclusive growth, Presidential Communications Operations Secretary Herminio Coloma Jr. admitted that making sure growth is felt by all Filipinos remains a work in progress.
“Attaining inclusive growth is a continuing process that could not be completed within a single-term presidency,” Coloma said.
“The Aquino administration exercised tremendous political will in adopting a paradigm shift from trickle-down growth to direct cash transfers and provision of stronger social safety nets for the poorest families,” he added.
The Joint Foreign Chambers of the Philippines (JFC) recently recognized the significant progress under Aquino’s watch but called for improvements to keep the country on track towards inclusive growth.
The next administration must rapidly implement more reforms particularly in the areas of agriculture, mining, education and poverty alleviation, the group said.
The foreign businessmen, during an assessment forum held early this week, said 75.4 percent or 333 of 471 of its recommendations were active or moving under the Aquino administration as of 2015. At least 25 percent or 114 concerns were considered dormant.
“There hasn’t been inclusive growth,” Julian Payne, president of the Canadian Chamber of Commerce of the Philippines, said during the business forum.
“Basically, there has been a failure of real growth in the agriculture and mining sector which have the greatest potential for employment and development in the rural remote areas,” Payne added.
Source: Manila Bulletin
In close partnership with government, businesses, civil society, and academia, ECCP passionately works to enhance the business environment for both European and Filipino companies.