PHL must sustain 6% to 8% growth for a decade to eradicate poverty
Published on Monday, 10 December 2012 20:50 Written by Butch Fernandez /
Reporter
SEN. Francis Pangilinan on Monday underscored the need for "inclusive
and sustainable growth" as the Aquino administration continues to rally
support for good governance and fiscal measures, buoyed by the
7.1-percent growth in the third quarter of 2012.
"While there is cause for us to be thankful for the 7.1-percent growth
experienced in the third quarter, we must be mindful that we have been
there before," Pangilinan said even as he added that "more than simply
reaching such growth rates from time to time is the question of
sustaining it."
In a statement, the senator acknowledged the elation of administration
officials following reports that the resurgent economy was recently
recorded as the second-fastest growing in Asia next only to China, which
grew by 7.7 percent in the third quarter of 2012.
Pangilinan said that the growth was fueled by "the robust performances
of transport, storage and communication, financial intermediation and
real estate."
The business-process outsourcing, manufacturing, construction and
agriculture industries also contributed largely to this growth, coupled
with higher remittances from overseas Filipino workers and increased
domestic consumption, he added.
The senator suggested that the country needs "at least a decade of
6-percent to 8-percent growth to truly eradicate poverty."
"To do this we must create jobs here at home and increase incomes of the
poorest of the poor in key sectors such as agriculture, tourism and
infrastructure. Only then can we ensure growth that is both inclusive
and sustainable," he said.
Pangilinan chairs the Senate Committees on Agriculture and Food, and
Social Justice, Welfare, and Rural Development which is crafting
remedial legislation that would pave the way for increased investments
in agriculture and social safety nets for farmers, fisherfolk, and
marginalized workers "in order to increase incomes and improve the
overall quality of life for millions of Filipinos," he added.
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