By Othel V. Campos | Mar. 03, 2015 at 11:30pm
The economic growth under the Aquino administration over the past four-and-a-half years was not inclusive enough to uplift the condition of the poor, according to foreign investors.
“Growth is not as inclusive as it should be. If there is growth at all, then it is not felt. It is not inclusive,” the Joint Foreign Chambers said in a news briefing Tuesday during the 4th Philippine Arangkada Forum at the Makati Shangri-La Hotel in Makati City.
Arangkada Forum, now in its fourth year, is a joint effort of the members of JFC and local business groups.
Business groups said the country should diversify growth from its focus on the services sector, especially the business process outsourcing and call centers.
“The Philippine government needs a more diversified economy and more open business environment,” JFC said.
The group said specific targets should be realized to support inclusive growth in the coming years, including an 8-percent acceleration of the gross domestic product; investments increasing from 19 percent to 30 percent of the GDP; foreign direct investments surging from $6 billion to $10 billion; and public sector spending in infrastructure reaching 5 percent of the GDP.
“For the Philippines to make growth more inclusive, successive presidential administrations should undertake reforms that sustain and increase GDP growth. This will require continued good governance, political will to undertake more structural reforms, better infrastructure, a fair regulatory system and better business costs,” JFC said. Othel V. Campos
Source: http://manilastandardtoday.com/2015/03/03/economic-growth-not-inclusive-jfc/
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