MANILA, December 10, 2012-Senator Francis “Kiko” Pangilinan says that as the government continues to rally support for its good governance and fiscal measures, buoyed by the news of 7.1% growth in the third quarter of 2012, it must address the need for "inclusive and sustainable" growth.
“While there is cause for us to be thankful for the 7.1% growth experienced in the third quarter, we must be mindful that we have been there before. More than simply reaching such growth rates from time to time is the question of sustaining it.”
The Philippine government recently celebrated news that the Philippine economy was the second-fastest growing in Asia next only to China, which grew by 7.7% in the third quarter of 2012. Growth was fueled by “the robust performances of transport, storage and communication, financial intermediation and real estate.” The business process outsourcing (BPO), manufacturing, construction, and agriculture industries also contributed largely to this growth, coupled with higher remittances from overseas Filipinos and increased domestic consumption.
Pangilinan points out that the country needs “at least a decade of six to eight 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,” the lawmaker stresses.
Pangilinan is the chairman of the Senate Committees on Agriculture and Food, and Social Justice, Welfare, and Development, and has been advocating 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.
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