MANILA, Philippines – With consumption, government spending and exports already making significant contribution to growth, the government said it is adopting more measures to spur investment in a bid to move the country to a higher, broad-based and sustainable growth path.
Finance Secretary Caesar Purisima noted that the government will be taking aim at increasing the level of investments in the country to expand its growth potential.
“The focus now is on the investment component of the growth equation,” said Purisima during the recently held Philippine Economic Briefing.
To boost investor confidence, Philippine Chamber of Commerce and Industry (PCCI) president Francis Chua pointed to the urgency of making the regulatory system less burdensome, further streamlining business procedures, and making labor laws attuned to the developments in the global economy.
Chua also raised the need for a consistent application of policies, rules and laws at the local government level.
Trade Secretary Gregory Domingo noted that the DTI is pushing for a Magna Carta for investors to better safeguard the interest of the same mainly by setting clear-cut guidelines that will preclude inconsistent application of rules and policies at the local government level and resolve disagreements between national and local government, adding that they are also considering the establishment of economic zones for domestic-oriented firms.
According to Socio-economic Planning Secretary Cayetano Paderanga, the government will enter into partnership with the private sector to boost investment on human capital, particularly in sectors that have strong spread effects such as business process outsourcing, tourism and agro-industry.
Paderanga likewise mentioned that the government will be establishing more investment infrastructure to facilitate greater investments for these priority sectors.
The country’s competitiveness ranking has been chronically low, making it among the least attractive investment destinations.
Without denying the palpable need to make the country more investor-friendly, economic managers argued that the country is not as bad an investment destination as its competitiveness rankings suggests, citing that the methodology used in competitiveness surveys only looks at one city, which is Manila for the Philippines, excluding export processing zones. –Philexport News and Features (The Philippine Star)
September 18 –
International Equal Pay Day
“Increase wages now,
more than other cost items.
For widespread, practical equality!”
Invoke Article 33 of the ILO Constitution
against the military junta in Myanmar
to carry out the recommendations of the 2021 ILO Commission of Inquiry
against serious violations of protocols of
Forced Labour and Freedom of Association.
Accept the National Unity Government (NUG)
of Myanmar. Reject Military!
#WearMask #WashHands
#Report Corruption #SearchPosts #TakePicturesVideos
October –
Monthly Observances:
Industry and Commerce Safety Month
National Statistics Month
Local Government Month
Consumer Welfare Month
Cooperative Month
National Quality and Productivity Improvement Month
National Health and Wellness Tourism Month
National Indigenous Peoples Month
Weekly Observances:
Week 1: Elderly Filipino Week
Week 2: National Health Education Week
Local Government Week
National Mental Health Week
October 17-23:
National Week for Overcoming Extreme Poverty
October 18 – 24:
United Nations Week
Last Week:
Nurses’ Week
Consumers’ Protection Week
Week of the 4th Sunday:
Barrio Farmers’ Week
Daily Observances:
First Monday (Oct 4): Universal Children’s Day i
n the Philippines
Oct 5: National Teachers’ Day
Oct 10: Local Government Day
Third Thursday (Oct 14): Conflict Resolution Day
Oct 21: Tenants’ Emancipation day
Oct 24: United Nations Day
Oct 29: National Indigenous People’s Thanksgiving Day
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