CEBU CITY—Sustainable fiscal reforms, regulatory capture and low investment rates were among the issues and concerns raised during Thursday’s opening plenary for the fourth Philippine Development Forum (PDF) held in this city.
These particular problems, noted members of the donor community and business sector, are tying up the country’s ability to achieve a broader growth track, but which nonetheless can be addressed by stronger political will.
“The meeting [is being held] in the context of a more positive macroeconomic and fiscal environment… [but] the full picture is more complex and there are challenges that lie ahead. Further improvements in tax collection are necessary to sustain the momentum of fiscal reforms,” said Joachim von Amsberg, World Bank’s Philippine country director, in his opening speech for the two-day event.
“Despite some of the fiscal improvements and reasonable growth rates, the investment rate remains very low at under 15 percent. This is extraordinarily low and raises the question of sustainability of growth. Related, there are questions why growth has not created more employment and more income, and therefore, more rapid poverty reduction. With increased resources to spend, the quality of public spending and effective measures to reduce corruption also gain importance,” Amsberg said.
Former Socioeconomic Planning Secretary Cielito F. Habito in a telephone interview with BusinessMirror confirmed donor institutions and bilaterals were mostly concerned about the sustainability of fiscal reforms and of the weak investment climate.
These organizations indicated there is still so much progress to be had, he added. “They, however, did not directly tie future development support to these changes,” Habito said.
Speaking of changes, Donald G. Dee of the Philippine Chamber of Commerce and Industry told reporters at the event’s sidelines that two of the business sector’s main concerns nowadays are energy costs and regulatory capture. –Rommer Balaba, Manila Times
It’s women’s month!
“Support women every day of the year!”
Invoke Article 33 of the ILO constitution
against the military junta in Myanmar to carry out the 2021 ILO Commission of Inquiry recommendations against serious violations of Forced Labour and Freedom of Association protocols.
Accept National Unity Government
(NUG) of Myanmar.
Reject Military!
#WearMask #WashHands #Distancing #TakePicturesVideos
Monthly Observances:
March – Women’s Role in History Month
April – Month of Planet Earth
Weekly Observances:
Last Week of March: Protection and Gender Fair Treatment of the Girl Child Week
Last Week of April – World Immunization Week
Daily Observances:
Mar 25 – International Day of Remembrance of the Victims of Slavery and the Transallantic Slave Trade
Mar 27– Earth Hour
Apr 21 – Civil Service Day
Apr 22 – World Earth Day
Apr 28 – World Day for Safety and Health at Work
