Passive

IN recent years, the Philippines has been enjoying a steady economic momentum. Last year, the Philippines finished with a 7.2 percent growth, just behind China’s 7.7 percent.
Despite some hiccups caused by natural disasters, the Philippine economy remained as one of the fastest-growing in Asia and was even branded the next Asian tiger economy.
According to the Asian Development Bank (ADB), the coming months bode well for the economy’s outlook.
“Slightly stronger economic growth is projected through the rest of this year and in 2015 on expectations that post-typhoon reconstruction accelerates, government fiscal disbursement improves, and exports benefit from brighter prospects in the major industrial economies.”
“Higher remittances from overseas Filipinos together with increases in exports of goods and services will underpin current account surpluses this year and next,” ADB added.
For its part, the National Economic and Development Authority (NEDA) said that the country is undergoing “a strong macroeconomic environment conducive to sustained and rapid growth, characterized by low and stable inflation, favorable interest rates, sustainable fiscal and external positions, and a stable financial sector.”
NEDA Director-General Arsenio Balisacan said that this improvement sustains optimism among consumers and investors, and lowers the country’s credit risk as shown by the recent ratings upgrade issued by international watchdogs.
“Optimism from investors, both local and foreign, has resulted in improved investments. Net foreign direct investments (FDI) grew, on average, by 53.9 percent from 2010-2013. For the first seven months of 2014 alone, net FDI reached US$4 billion, a notable increase of 56.1 percent from US$2.6 billion in the same period last year,” Balisacan added.
All of these is a great feat, especially for a country once tagged as the “Sick Man of Asia.” While the good news are encouraging, millions of Filipinos would still beg to differ.
In the latest survey conducted by Social Weather Stations (SWS) on Sept. 26 to 29, it found out that 55 percent of the respondents, equivalent to 12.1 million Filipino families consider themselves poor.  This latest figure is unchanged from June and three points higher than the 52 percent average for the four quarters of 2013.
Acknowledging the survey results, Malacañang reiterated the current administration’s focus on addressing poverty alleviation.
The government has successfully utilized the country’s momentum to encourage businesses and investors to the country. To keep this momentum at a positive pace, it mush now be cultivated to encourage the creation of more job opportunities for Filipinos, to eventually alleviate poverty.
The positive reports and assessments are a welcome development. But for this economic growth to have a lasting impact, it must first ensure an inclusive and sustainable effect on the people it serves, the Filipinos.
“The government shall continue to focus on intensifying programs for poverty reduction and social protection, including increasing the budget and coverage of the Conditional Cash Transfer program,” Presidential Communications Secretary Herminio Coloma, Jr. said.
According to Coloma, the proposed 2015 Philippine National Budget allots a 37.2 percent or P967.9 billion for social services.
“The proposed budget also focuses on delivering high-impact projects in 44 provinces with high poverty magnitude where more job opportunities will be created: provinces with high poverty incidence that require adequate social safety nets and those which are vulnerable to natural calamities,” Coloma added.
Before this tiger economy can fully roar, it must first aim for a more inclusive growth. An economic growth is only inclusive when it creates equal access to the people it employs and creates opportunities for them. As economists would put it, inclusive growth must allow people to contribute and benefit from the economic gains.
With an established economic momentum and well-endowed resources, it is now time to deliberate on the citizenry’s needs—stable job, sustainable income, access to basic service and an accountable government. It is this booming economy’s responsibility to not just increase in numbers, but also make its presence felt by most—if not all—Filipinos.
(AJPress)