GDP growth

Lack of True Inclusive Growth Dips Down PH Rating – Sen. Bam

Senator Bam Aquino points the country’s drop in the 2014 World Competitiveness Yearbook (WCY) to lack of true inclusive growth.

“If there is true inclusive growth, our global competitiveness will further improve,” said Aquino, chairman of the Committee on Trade, Commerce and Entrepreneurship.

Aquino made the assessment after the country slipped four notches in the WCY despite the country’s 7.2 percent GDP growth — the second highest among countries ranked in the report.

The country’s rating was affected by five critical challenges, including infrastructure, corruption, unemployment and underemployment, undeveloped financial system and natural disasters.

While admitting that the country’s woes have been compounded by calamities and high-profile cases, the senator also said government needs to improve on in its inclusive growth strategies that will address unemployment and the economic gap that divides the rich and the poor and ultimately build a stronger, more sustainable economy.

“Our growth has not reflected true progress for everyone in the country.  It is urgent that we do something about our youth and unemployed,” he added. “We can become more competitive when we empower our labor sector; we want a country where no one is left behind.”

23rd WEF Plays Vital Role in PH Economy – Sen. Bam

The 23rd World Economic Forum on East Asia, which will be held in the country from May 21-23, plays a vital role to the Philippine economy with the 2015 ASEAN Integration fast approaching.
“With the spotlight on East Asia, we should take every opportunity to showcase and promote the country’s robust economic growth,” said Senator Bam Aquino, chairman of the Senate Committee on Trade, Commerce and Entrepreneurship.
Earlier, the World Economic Forum (WEF) described the Philippine economy as one of the “greatest economic comeback stories in recent years.”
The WEF also predicted that the country would be the strongest performing Southeast Asian economy this year, with gross domestic product (GDP) growth projected to surpass 6.5 percent.
“The Forum is an ideal stage where we can entice businessmen to pour investments and establish other ventures in the country, aside from promoting our products and services,” added Aquino, whose office is one of the organizers of the Forum.
Aquino believes that the government and private sector should grab every opportunity to promote the country before the launching of the 2015 ASEAN Economic Community 2015.
“When the integration starts, we expect tight competition from other countries for a lion’s share of the ASEAN market composed of 600 million people,” Aquino said, who is part of the prestigious WEF community and will participate in the events the next few days.
In his speech during the 3rd National Symposium Workshop on Empowering People & Organizations in the Workplace for Excellent Results (E-Power), Aquino stressed the important role of micro, small and medium enterprises (MSMEs) in the country’s economy at the start of ASEAN integration.
“As much as there are risks here, there are opportunities there,” Aquino said, emphasizing that enhancing the quality of our products and services will increase the businesses’ chances to perform favorably in the free market.
Photo source: WEF Website
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