Vice President Jejomar Binay on Friday described the country’s 6-percent growth in its gross domestic product as worthless because it did not translate to more jobs and a better life for the poor.
“Economic growth is meaningless if it excludes the poor and working class Filipinos. We have claims of growth in the midst of unmitigated poverty, unemployment and hunger. The job of any administration is to address poverty by providing jobs and economic opportunities,” Binay said.
“The country’s economic growth would have been more meaningful if it induced the creation of more jobs and opportunities for our people,” he added.
President Benigno Aquino III boasted the country’s economic achievements under his watch before the Asia-Pacific Economic Cooperation leaders.
Binay cited the recent Social Weather Survey survey that showed 50 percent or around 11-million Filipino families consider themselves poor. The survey also showed that poverty incidence in the Visayas increased to 66 percent compared to June’s 58 percent while Mindanao’s poverty incidence remained at 70 percent over the same period.
According to the SWS, 54 percent of Filipinos considered themselves poor in 2014, a six-point rise from 2010’s 48 percent when President Benigno Aquino III was proclaimed president.
“We witnessed how good intentions are not enough to run a country. Only a few benefited, but millions still are poor, hungry, and unemployed. It’s a pity if this would continue in the next six years,” he said.
Binay said government needs to bring in more foreign direct investment, considering Philippines ranks among the lowest in Association of South East Asian Nations in terms of FDI.
He also noted how the Philippines is second to the last among its Asean peers in terms of the ease of starting a business, dealings with construction permits, registering property, and enforcing contracts.
The Philippines attracted $6 billion worth of investments in 2014.
However, the country’s FDI inflows remain low compared to other Southeast Asian neighbors like Singapore with $68 billion, Indonesia with $23 billion, Thailand with $13 billion, Malaysia with $11 billion, and Vietnam with $9 billion.
Binay also reiterated how his administration would focus on inclusive growth and making sure that the country’s economic gains are felt by all.
“My vision is for every Filipino to have an equal share in the nation’s progress. No one should be left behind,” he said.
He said inclusive growth is possible with the right mix of social and economic policies by a government that is sensitive to both the needs of its residents and those who do business in the country.
He said that his administration will strive to create jobs and provide adequate social services that will especially help the poor.