The Joint Foreign Chambers (JFC) has called on the government of President Aquino to fast-track the implementation of projects under its flagship program public-private-partnership (PPP) as economic growth and investments in the country did not turn out as expected.
Speaking during the “Arangkada Philippines Forum: Moving Twice as Fast!” in Pasay City, European Chamber of Commerce of the Philippines (ECCP) president Hubert d’Aboville asked the government to speed up the implementation of the PPP program considering the fact that the country last year only attracted less than $1 billion in foreign investments.
“One year after Arangkada was launched, economic growth and a substantial increase in local and foreign investment remain far behind expectations,” D’Aboville said.
But at the same time, D’Aboville reiterated its support of government initiatives to curve corruption in the country. He said fair competition and a level playing field for investors should be prime concerns for the Philippine economy to grow.
“We have to recognize the intimate, causal relationship between the restoration of decency and integrity in government, and the stability, consistency and predictability that such a condition imbues our economic life,” D’Aboville said.
“We cannot achieve poverty reduction and sustainable economic growth without resolving lingering problems of corruption and poor governance and without strengthening and achieving a certain level of autonomy in the operation of key legal, regulatory and administrative institutions,” he added.
According to D’Aboville, the current administration of President Aquino was doing the correct thing by trying to restore decency and integrity in its governance.
The ECCP, two years ago, started the Integrity Initiative project that aims to assist the government combat corruption, provide a level playing field for investors, and minimize unemployment in the country.
Currently, the ECCP together with its partners has been able to sign more than 1,000 companies and 17 government agencies to the Integrity Pledge, the guiding principles of the Integrity Initiative.
Nevertheless, D’ Aboville stressed the need to accelerate the enactment of PPP program.
The ECCP president compared the country’s situation to Indonesia which last year grabbed $19.30 billion in investments with $3.70 billion going to mining.
According to D’Aboville, they will be closely watching how the government will handle the P438.80 billion appropriated for tourism, agriculture, agrarian reform and fisheries, general infrastructure, business process outsourcing and electronics and semiconductors manufacturing.
The government expects these industries as areas for economic growth and job generation.
The JFC drafted and submitted to the government Arangkada last year to highlight the seven industries the Philippines can compete and with the intention of attracting $75 billion in investments over a 10-year period.
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Source: The Daily Tribune, Jan. 27, 2012
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