Quantcast
Latest Stories

Gov’t ratchets up poverty reduction thrust

5 sectors said to be critical in generating jobs

By

Socioeconomic Planning Secretary Arsenio Balisacan. INQUIRER FILE PHOTO

The Aquino administration will fully support and develop five sectors that it considers critical in further reducing poverty in the country, said Arsenio Balisacan, director general of the National Economic and Development Authority.

The sectors are tourism, information technology-business process outsourcing (IT-BPO), housing, agriculture and manufacturing.

The projects and programs involving the five sectors will be the highlight of the updated Philippine Development Plan (PDP) to be released in the second half of the year, Balisacan said.

The government’s economic team identified the sectors based on their potential to generate jobs.

“There is now a great sense of urgency to reduce poverty and inequality. We cannot afford to simply wait for the benefits of growth to trickle down,” Balisacan said during a speech yesterday before members of the Philippine Council for Industry, Energy, and Emerging Technology Research and Development.

Although the Philippines has outperformed many countries in terms of economic growth, it is still saddled with serious poverty issues, Balisacan said.

“We are creating new drivers of growth that will generate high-quality jobs and strengthen regional competitive advantage,” the country’s chief economist said.

Over the past decade, the services sector, led by IT-BPO, has been the key growth driver of the Philippine economy. But some economists said that the country would need to stand on more legs if it hoped to significantly reduce poverty incidence.

According to Baliscan, investing in agriculture may help trim poverty because a substantial number of poor people reside in agricultural areas.

Revitalizing the manufacturing sector will also help, given its huge multiplier effect on the economy and its high labor requirements.

Tourism is a low-hanging fruit, Balisacan said, as he cited the country’s rich natural resources and attractive vacation destinations.

Balisacan also considered it crucial to invest in housing, saying that it would address the need for shelter of millions of Filipinos.

Economists said sufficient housing services would mostly benefit the poor, and not just the rich and the middle class.

“What we need is inclusive growth—a growth process that deliberately enables more to participate, and where the benefits of growth are shared by all,” Baliscan said.

The Philippines grew by 6.8 percent last year, and 7.8 percent in the first quarter of this year. It outperformed many countries affected by a weak global economy.

Nonetheless, economists said, the benefits of the Philippines’ robust economy have yet to trickle down to the masses.

Poverty incidence stood at 27.9 percent in the first semester of 2012, one of the highest in Asia.


Follow Us


Follow us on Facebook Follow on Twitter Follow on Twitter


Recent Stories:

Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines.

Tags: Business , Government , poverty reduction

  • joboni96

    self sufficiency in agriculture
    will mean wealth enhancement for the poor

    dairy, meat, sugar, corn, oils, wheat etc
    sold by the farmers as consumable products



Copyright © 2014, .
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City, Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94
Advertisement
Advertisement

News

  • Camilla’s brother dies of NYC head injury
  • Nepal officials go to Everest to try to end crisis
  • Escudero ready to defend self should name appear in Napoles’ list
  • Obama calls for peaceful end to island dispute
  • Russia not abiding by agreement on Ukraine—Obama
  • Sports

  • Promoters Dela Hoya, Arum in talks for Pacquiao-Alvarez—report
  • Benzema guides Madrid to 1-0 win over Bayern
  • Suns’ Goran Dragic win NBA’s Most Improved Player award
  • Heat go up 2-0, hold off Bobcats 101-97
  • Ronaldo shakes off injury fears to play Bayern
  • Lifestyle

  • Photos explore dynamics of youths’ sexual identity
  • 12th Philippine Food Expo set at the World Trade Center
  • No tourist draw, Malang the croc will remain wild
  • The best flavors of summer in one bite, and more
  • Homemade yogurt, bread blended with pizza, even ramen
  • Entertainment

  • Has Ai Ai fallen deeply with ‘sireno?’
  • Sony developing live-action Barbie comedy
  • California court won’t review Jackson doctor case
  • Return of ‘Ibong Adarna’
  • Practical Phytos plans his future
  • Business

  • Facebook profits triple as mobile soars
  • Insular Honors Sales Performers at Testimonial Rites
  • Apple increases stock buyback, will split stock
  • Cost-recovery provisions for affected gencos urged
  • This time, BIR goes after florists
  • Technology

  • Enrile in Masters of the Universe, Lord of the Rings?
  • Top Traits of Digital Marketers
  • No truth to viral no-visa ‘chronicles’
  • ‘Unlimited’ Internet promos not really limitless; lawmakers call for probe
  • Viber releases new design for iPhone, comes to Blackberry 10 for the first time
  • Opinion

  • Editorial cartoon, April 24, 2014
  • Talking to Janet
  • Respite
  • Bucket list
  • JPII in 1981: walking a tightrope
  • Global Nation

  • PH-HK relations repaired, but families of victims still being courted
  • Filipinos in Middle East urged to get clearance before returning
  • PH seeks ‘clearer assurance’ from US
  • China and rivals sign naval pact to ease maritime tensions
  • What Went Before: Manila bus hostage crisis
  • Marketplace