MANILA (Mabuhay) – The road to inclusive growth is paved with good intentions… It is also punctuated by challenges in infrastructure, job generation and sustaining reforms – exactly what the Aquino administration must address in the less than two years left in its term, the Bangko Sentral ng Pilipinas chief said Tuesday.
The gaps in infrastructure and job creation, as well as instituting reforms in governance are a must to achieve and sustain inclusive growth, Bangko Sentral Governor Amando Tetangco Jr. said in his opening speech during t the Philippine Economic Briefing in Pasay City.
“Key challenge in the medium-term are likely to remain to address supply side bottlenecks, bridging identified gaps in existing infrastructure, minimizing impact of natural calamities, and promoting greater economic inclusion to generate more employment,” he noted.
The need for better infrastructure is pretty much “straightforward” while employment generation is imperative in the goal of inclusive growth, Tetangco said.
“The Philippines has a serious need for infrastructure… to deliver services and facilities to the people… to enhance attractiveness of Philippines as an investment destination,” he said.
“We must create an environment… where all can actively participate in making the economy grow,” he added.
To complement economic goals, government must also foster responsible and responsive political and economic institutions “anchored on ethical and transparent governance systems,” Tetangco said.
“We are capable of instituting critical reforms but at the same time, we continue to be mindful that the operating environment is evolving. Reforms will continue to play significant role in further propelling economic activity moving forward,” he said.
“Our economy’s resilience has been supported by some macroeconomic policy reform agenda remains very much a working progress,” Tetangco added. (MNS)