What PH must do to reduce poverty

Foreign businessmen say the Philippine economy must grow by 9 percent every year to reduce poverty. The American and Australian Chambers of Commerce say the economy’s current performance of 7 percent has yet to translate to more jobs, which it said could be created if government boosts the manufacturing sector. But the group says discouraging foreign manufacturers from building more factories here are the economic provisions of the Philippine Constitution.View Photo
Foreign businessmen say the Philippine economy must grow by 9 percent every year …

The Philippine economy must grow by 9% every year to reduce poverty, foreign businessmen said.

In an interview with Mornings @ ANC, Ian Porter, the president of the Australian-New Zealand Chamber of Commerce said, the economy’s current performance of 7 percent has yet to translate to more jobs.

“There’s been lots of talk about the trickle down effect. Seven percent for us is not enough. The economy should grow by 9 percent, but it needs to grow by 9 percent for many, many years…[before it] will have an impact,” Porter said, noting that jobs could be created if the government boosts the manufacturing sector.

The Australian Chamber of Commerce, along with the American Chamber of Commerce, also noted how some economic provisions of the Philippine Constitution continue to discourage foreign manufacturers from building more factories here.

Foreign Chamber Groups are holding their third anniversary forum of Arangkada Philippines, where they are expected to hammer out policy recommendations for the Aquino government. -ANC