Connect with us

Philippine News

VP Binay: Economic expansion is meaningless if poverty remains

Published

on

Vice President Jejomar Binay. Photo courtesy of Jojo Binay on Facebook.

Vice President Jejomar Binay. Photo courtesy of Jojo Binay on Facebook.

MANILA — Vice President Jejomar Binay on Monday said that economic expansion is meaningless if it does not eliminate poverty in the country.

“Allow me therefore to add nuance and character to these ideas as we discuss what ought to be, in the end, the real challenge of economic growth — that expansion is meaningless without inclusion, when it does not alleviate poverty, when economic gains are not shared with the marginalized sectors of society,” said Binay in his speech during the Financial Times-First Metro Philippines Investment Summit.

The Summit is a gathering of senior policy-makers, financiers, economists and business leaders to discuss strategies for the impending ASEAN integration.

The Vice President noted the economic gains under the Aquino administration, calling it a “springtime” for the Philippine economy.

According to Binay, the economic growth must be sustained by diversifying into job-generating sectors such as manufacturing, agriculture, and tourism.

He added that various critical areas need to be addressed to attract investments in these sectors.

At the same time, he pushed for revisiting the Constitution to allow the entry of foreign direct investments to the country.

“The goal is to liberalize the entry of foreign investments in economic priming sectors like infrastructure, energy and telecommunications,” he said.

He also urged increasing infrastructure spending, as well as fast-tracking the implementation of public-private sector partnership (PPP) programs, particularly in the transport sector.

“Parallel to our relaxation of the restrictions on foreign investments in the power sector, we must revisit the Electric Power Industry Reform Act (EPIRA). We need to unlock investments in alternative power generating systems to reduce the cost of electricity and expand power generation capacities in the power-short areas of Mindanao and the Visayas,” he noted.

“We must make our higher minimum wages irrelevant by raising workers’ productivity through expanded and aligned technical vocational education,” he added.

Binay also said that a true open skies policy, airport development program, and expansion of the portfolio of tourist destinations and activities in the areas of gaming, cutural and eco tourism, health and wellness, and retirement would boost tourism in the country.

The Vice President added that the Philippines’ agriculture industry should be modernized.

“And we must energize the development of small-, medium-scale community based enterprises by liberalizing government regulations for business start-ups. We need to expand the already vibrant micro finance sector and seed capital formation initiatives for small and medium scale enterprises in the Philippine Stock Exchange,” he said.

The Vice President also reiterated the need for a new execution paradigm for development plans that does not solely follow a top-down approach and is aligned with realities on the ground to truly achieve inclusive growth.

“Inclusion is achieved when the execution is aligned with sectoral, geographic and ground level realities. It means that we must understand the unique requirements of each economic, geographic or political sector and adjust our execution strategies accordingly,” he stressed.

“Inclusion, after all, is not just statistics. It must accrue to all citizens, rich and poor, one member of society at a time. Inclusion must have a name, a face and an address,” he added.

He recalled that his ideas on economic inclusion were honed over his 20-year leadership of Makati.

“From the outset, revenue generation has been one of the key elements of the Makati narrative. I distinctly recall meeting with a group of businessmen early in my term, where I made one simple promise to them: I will focus only on governance. I will work to provide the environment for business to grow, but you must do your share in supporting the government by paying your taxes, among other civic responsibilities. I kept my promise, and so did the businessmen,” he added.

Binay said: “The rapid growth of Makati’s revenue base was the result of our efforts to collect taxes more efficiently. I would like to emphasize that in those 20 years, we raised taxes in Makati only once, and that was to simply adjust the rates from municipal to city level. Just as importantly, the expanded revenue base was the direct result of the improved performance of the business enterprises.”

He emphasized that as Makati prospered, the city’s officials worked to ensure the continued expansion and stability of its economic fundamentals by improving revenue collection efficiency through technology.

Progressive land use and zoning policies were also adopted, besides granting incentives to emerging industries.

“But we knew that we could not just continue expanding the city’s economy. I knew, by simple common sense that expansion must necessarily precede inclusion. And so in Makati, we define inclusion not only to mean more money in the pockets of our citizens, but also greater access to opportunities for social and economic advancement and to services that are quality of life-enhancing. As revenues grew, we carefully focused the deployment of these resources on areas that would directly and sustainably benefit the city’s residents who needed them most,” he concluded.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Maria in Vancouver

Maria in Vancouver1 week ago

Fantabulous Christmas Party Ideas

It’s that special and merry time of the year when you get to have a wonderful excuse to celebrate amongst...

Lifestyle2 weeks ago

How To Do Christmas & Hanukkah This Year

Christmas 2024 is literally just around the corner! Here in Vancouver, we just finished celebrating Taylor Swift’s last leg of...

Lifestyle1 month ago

Nobody Wants This…IRL (In Real Life)

Just like everyone else who’s binged on Netflix series, “Nobody Wants This” — a romcom about a newly single rabbi...

Lifestyle2 months ago

Family Estrangement: Why It’s Okay

Family estrangement is the absence of a previously long-standing relationship between family members via emotional or physical distancing to the...

Lifestyle3 months ago

Becoming Your Best Version

By Matter Laurel-Zalko As a woman, I’m constantly evolving. I’m constantly changing towards my better version each year. Actually, I’m...

Lifestyle3 months ago

The True Power of Manifestation

I truly believe in the power of our imagination and that what we believe in our lives is an actual...

Maria in Vancouver4 months ago

DECORATE YOUR HOME 101

By Matte Laurel-Zalko Our home interiors are an insight into our brains and our hearts. It is our own collaboration...

Maria in Vancouver5 months ago

Guide to Planning a Wedding in 2 Months

By Matte Laurel-Zalko Are you recently engaged and find yourself in a bit of a pickle because you and your...

Maria in Vancouver5 months ago

Staying Cool and Stylish this Summer

By Matte Laurel-Zalko I couldn’t agree more when the great late Ella Fitzgerald sang “Summertime and the livin’ is easy.”...

Maria in Vancouver6 months ago

Ageing Gratefully and Joyfully

My 56th trip around the sun is just around the corner! Whew. Wow. Admittedly, I used to be afraid of...