{"id":39820,"date":"2015-01-26T17:56:48","date_gmt":"2015-01-26T09:56:48","guid":{"rendered":"https:\/\/canadianinquirer.net\/v1\/?p=39820"},"modified":"2015-01-26T17:56:48","modified_gmt":"2015-01-26T09:56:48","slug":"good-governance-financial-inclusion-and-infra-needed-for-ph-to-succeed","status":"publish","type":"post","link":"https:\/\/canadianinquirer.net\/v1\/2015\/01\/26\/good-governance-financial-inclusion-and-infra-needed-for-ph-to-succeed\/","title":{"rendered":"Good governance, financial inclusion, and infra needed for PH to succeed"},"content":{"rendered":"
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MANILA \u2013 Ayala Land Inc. chair Fernando Zobel de Ayala said that there are three things that the country must do in order to sustain the progress that it has attained \u2013 good governance, financial inclusion, and infrastructure investments.<\/p>\n

During a recent engagement with the Financial Executives Institute of the Philippines (Finex), Zobel de Ayala revealed these three pillars and said that there are more things need to support the economic agenda of the country.<\/p>\n

\u201cOur major indicators and economic drivers remain solid amid the global slowdown and the political and fundamental headwinds that beset some of our peers in the region,\u201d Zobel de Ayala said.<\/p>\n

He added that the country has improved in terms of its competitiveness, however there is still work needed to be done in terms of bureaucracy and improving efficiency, especially for investors and those who would want to start a business.<\/p>\n

\u201cCurrently, starting a business in the Philippines entails a grueling 15 procedures spanning over 35 days. In contrast, Malaysia only requires three steps spanning six days,\u201d he noted.<\/p>\n

Given this, Zobel de Ayala stressed the importance of continuing the structural and governance reforms by the current administration.<\/p>\n

\u201cThe highest standards of governance must be maintained and reform measures must be continued in the next administration if we want to sustain our growth momentum,\u201d he said.<\/p>\n

He added, \u201cBeyond the country\u2019s governance structure, it is likewise imperative that enterprises create and enforce stronger ethical standards in the governance of business. This will go a long way in building investor confidence which, as we all know, translates to tangible benefits such as lower cost of capital, better valuations and ultimately, sustained growth.\u201d<\/p>\n

Zobel de Ayala shared that majority of the country\u2019s southeast Asian neighbors made significant strides in corporate governance. This makes the country behind Singapore, Malaysia, and Thailand.<\/p>\n

In terms of financial inclusion, the country will not be able to become a progressive country unless the poor will be taken out from poverty.<\/p>\n

\u201cIt is unacceptable that over 70 percent of Filipinos do not have access to any form of saving or lending mechanisms. It is equally discouraging to note that 40 percent of municipalities in the Philippines do not have any physical access to a bank,\u201d he said.<\/p>\n

He added, \u201cIt is worth noting that some innovative credit and microfinance solutions are gaining traction, leveraging technology to make basic banking transactions accessible to these segments of the population. But much more needs to be done so that a larger percentage of our population has access to basic financial products and services.\u201d<\/p>\n

Meanwhile, he also revealed that the country needs a massive increase in infrastructure expenditure to continue in its growth pace. This will happen if the government will collaborate with organizations.<\/p>\n","protected":false},"excerpt":{"rendered":"

MANILA \u2013 Ayala Land Inc. chair Fernando Zobel de Ayala said that there are three things that the country must …<\/p>\n","protected":false},"author":44,"featured_media":10671,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[95],"tags":[],"class_list":["post-39820","post","type-post","status-publish","format-standard","has-post-thumbnail","category-news-ph","mauthors-lei-fontamillas","mauthors-philippine-canadian-inquirer"],"_links":{"self":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/39820","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/comments?post=39820"}],"version-history":[{"count":0,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/39820\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media\/10671"}],"wp:attachment":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media?parent=39820"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/categories?post=39820"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/tags?post=39820"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}