During a recent conference call with more than 100 fund managers organized by the government’s Investor Relations Office (IRO), senior economic officials said Philippine-based businesses will flourish amid efforts to raise the Filipinos’ living standards.
In turn, an improved standard of living for a greater portion of the population bodes well for higher incomes of businesses, National Economic and Development Authority (NEDA) officials said.
According to NEDA Deputy Director General Rosemarie Edillon, these efforts include “support for further development of the manufacturing sector and for reversal of the contraction of the agriculture sector, as well as higher public spending on infrastructure and social services in areas outside Metro Manila”.
NEDA Director for National Policy and Planning Reynaldo Cancio said, “We have had 17 years of uninterrupted economic expansion. Our challenge lies in the distribution of gains from the economic growth.” He pointed out that the Duterte administration’s socioeconomic development agenda will address this challenge.
“The unique growth story of the Philippine economy — one that is founded not only on strength but also on long-term stability and resilience — offers opportunities for business activity to thrive not only now but well into the future.” Bangko Sentral ng Pilipinas Deputy Governor Diwa Guinigundo said.
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| Photo courtesy of thousand and wonders (Makati City) |
Department of Budget and Management Assistant Secretary Ameenah Pangandaman said plans to ramp up public infrastructure spending would help boost job generation, thus complementing poverty-reduction efforts. Under the proposed national budget for 2017, infrastructure will get PHP860.7 billion, up 13.8 percent from this year’s allocation.
They reiterated the government’s economic growth target of 6.0-7.0 percent this year, 6.5-7.5 percent in 2017, and 7.0-8.0 percent from 2018 to 2022. If the targets are realized, the Philippines would continue to outpace growth rates of most Asian countries.
The financial market players who registered for the IRO’s conference call are based in neighboring Asian countries and the European Union, aside from some local fund managers. Economic officials told them the Philippines is further building on its past economic gains and is poised to realize bright prospects for businesses over the medium- to long-term.
Source: Manila Bulletin
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