The Aquino administration has made progress in addressing and resolving issues that hinder faster economic growth with 65 percent of the recommendations by the Arangkada project being acted upon, but the foreign business community says this is not enough as they pushed for further action to accelerate economic growth.
Rhicke Jennings, American Chamber of Commerce of the Philippines president announced at the Arangkada Forum in Makati yesterday that the Arangkada Philippines Second Anniversary Assessment showed that 65% of the rated recommendations are considered to be active/moving while 35 percent are considered dormant.
This contrasts with the results of last year’s assessment, where, as adjusted, had only about 51.5% active recommendations.
Out of the 462 total rated recommendations, 11 have been completed, 74 are marked with substantial progress, and 205 being started. On the other hand, there are 134 recommendations with no ongoing action, 25 under regression and 13 recommendations no long relevant. The Arangkada has put emphasis on 7 big winners: Agribusiness; business process outsourcing; creative industries, infrastructure policy; manufacturing; mining; tourism, medical travel and retirement;
This year’s second “Arangkada,” which means “to accelerate,” carries the theme “Realize the Potential” cited the accomplishments of the Aquino government in achieving high GDP growth of 6.6 percent in 2012 and the improved competitiveness ranking in global competitiveness index.
Jennings cited the economic growth for having replaced the image of the Philippines into a tiger economy from its basket case economy.
Despite having reached the target accomplishments set by the Arangkada project, Jennings said, “this is not yet enough, the pace of reforms should not continue but accelerate” to ensure higher and sustainable growth.
He said that with continued hard work, the 2013 growth would be accelerated as the Joint Foreign Chambers, which spearheads the Arangkada project, has pushed for a shift in economic growth to investment and trade from the current consumption driven to create more employment opportunities..
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Source: Bernie Cahiles-Magkilat, Manila Bulletin, 27 February 2013
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