inclusive growth PH

Lack of True Inclusive Growth Dips Down PH Rating – Sen. Bam

Senator Bam Aquino points the country’s drop in the 2014 World Competitiveness Yearbook (WCY) to lack of true inclusive growth.

“If there is true inclusive growth, our global competitiveness will further improve,” said Aquino, chairman of the Committee on Trade, Commerce and Entrepreneurship.

Aquino made the assessment after the country slipped four notches in the WCY despite the country’s 7.2 percent GDP growth — the second highest among countries ranked in the report.

The country’s rating was affected by five critical challenges, including infrastructure, corruption, unemployment and underemployment, undeveloped financial system and natural disasters.

While admitting that the country’s woes have been compounded by calamities and high-profile cases, the senator also said government needs to improve on in its inclusive growth strategies that will address unemployment and the economic gap that divides the rich and the poor and ultimately build a stronger, more sustainable economy.

“Our growth has not reflected true progress for everyone in the country.  It is urgent that we do something about our youth and unemployed,” he added. “We can become more competitive when we empower our labor sector; we want a country where no one is left behind.”

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