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Aquino pressed on economic reforms

Group cites high power rates, smuggling, infra lack

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President Benigno Aquino III. FILE PHOTO

The Aquino administration must institute key economic reforms that will enable the country to sustain its robust economic performance, according to the country’s biggest business organization.

The Philippine Chamber of Commerce and Industry (PCCI) issued the statement as the country’s economic managers begin to identify priorities for a growth agenda for the last half of President Aquino’s term. These reforms are expected to tap the “full potential of a competitive private sector to create more jobs, generate more incomes and lift more Filipinos out of poverty.”

“The Philippines has been one of the, if not the best, performing economy in Asia under President Aquino’s helm as reflected in unparalleled economic growth rates, investment upgrades, improved national competitiveness and an all-time trust rating in our institutions. The challenge now is to institute economic reforms to sustain this growth,” said PCCI president Miguel B. Varela.

According to Varela, the Aquino administration must address the high cost of electricity by crafting a roadmap for the power sector premised on achieving reliable and sustainable supply and competitive rates; address the high cost of logistics and lack of quality transportation infrastructure by accelerating the implementation of PPP (public-private partnership) projects and the adoption of a national transportation plan, and reform the Bureau of Customs to reduce smuggling and make the necessary laws for the country to comply with the Revised Kyoto Convention.

Other economic reforms should address conflict between national laws and local laws to ensure the consistency of local government issuances to national policies in mining activities, valuation process in property assessments, and granting of business permits, among others, and tackle the weak competition culture and regulatory capture by adopting a sound and coherent competition policy and passage of a competition law.

The PCCI further called on the government to adopt an industrial roadmap for Philippine industries to be able to compete after the Asean integration in 2015; review existing incentive-giving laws to assess, reconsider and harmonize these to be more efficient and effective, and work with the judiciary to reform procedures and practices that will ensure consistency, objectivity and sustainability of decisions that impact on business and the economy.

Varela pointed out that the proposed reforms were urgent to enable the private sector to fully avail itself of the market and employment opportunities promised under the Asean economic integration.

“In the run-up to 2015, the Philippines and the other Asean countries are filling up voids for competition and complementation.  Asean members have been readying their own support systems to improve energy supplies, transportation and logistics facilities, telecommunications, fair competition rules, administrative clearances, legislative and judiciary support and infrastructures,” Varela explained.

“We hope that these economic reforms will be included in the President’s priorities as he works to leave behind his economic legacy for the country,” Varela said. “We look forward to work with him to implement these measures that will sustain the country’s economic gains, and at the same time, ensure that such gains will redound to the benefits of more Filipinos.”


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Tags: Business , Economic reforms , Infrastructure , pcci , Power rates , President Aquino , Smuggling

  • johndoe_phil

    Free up the economy so these local oligarchs will have a better competition in terms of quality jobs, quality pay, and quality benefits. People should realize that FDI will help uplift the huge droves of people out from poverty.

  • Descarte5E

    We are actually now back into a crony colonialism. Our economic managers are very smart that’s why we have privatization, merger, acquisition, etc. Banking, utility services, even fast food chains are owned by the few oligarch. And those oligarchs are well, circle of friends of Malacanang.

  • koolkid_inthehouse

    Decent full time jobs for millions of unemployed Filipinos. Jobs that can make Filipinos feel the financial freedom. Freedom to go to the bank to secure a mortgage to buy a house wherever they want to live. Freedom from political manipulations using housing as bait during elections. Freedom to decide how many children they can have because they have a secure job to raise their children not RH bill wasting time and money in the nevernever land.
    Thats the only one solution to all the hardworking Filipinos problems.

  • Ako_Hiking

    Can anyone list any economic reforms and initiatives by President Aquino that he and his Administration put in place in order to help sustain the Philippines’ economic growth? Aquino appears to be content talking about the fight against corruption but although it’s good to fight corruption it is not good to think that fighting corruption is the solution to help sustain economic growth.

    • RJ Legaspi

      I completely disagree. Fighting corruption is in fact a huge economic reform in itself. A corrupt-free government is the basic building block of economic progress.

      Why? If the taxes the we are paying go to to the projects ought to develop various sectors in the country then that will dramatically help our economy. Imagine Filipino children getting the best quality of education because they have decent classrooms, more than enough books to read and well-paid teacher to teach them. Wouldn’t these children contribute in our economy? This is not going to happen if we and our government remain corrupt.

      Why companies avoided investing in the country when corruption was very common in the previous years? Primarily because they could not trust the government. Why would someone risk his money in a country full of corruption and red tape in the government?

      The road must be paved first before asphalt is laid upon on it. No matter how good the quality of the asphalt is it will always break down because the foundation is poorly made. Same with the economic progress, it couldn’t be sustained with just merely economic reforms. Economic progress starts with a clean and trustworthy government and its people.

      • leomar101

        For your information, FDI (Foreign Direct Investment) from 2010 until now is very low. Mas mababa pa kaysa dating administration. How come foreign investors avoided the Philippines? When you said fighting corruption is the key to better economy? hahaha wake up yellow doggie. Under this mongol pres. economy is not better either. Jobless people increased by the millions, hunger trippled, no ppp projects in reality. Kung meron man kinukutongan rin ng kanyang kapatid hahaha.
        Dumami ang mahihirap at walang kinakain, therefore mas maraming kurap ngayon. Di ba sabi ng one liner ni mongol kung walang kurap walang mahirap. Eh paano ngayon by the millions pa ang pag dami ng mahirap. hahhahaha. loko loko ka rin ano at na paniwala ka ng isang mongol

      • RJ Legaspi

        Can you please direct me to your sources? Sorry, I could not trust your words especially because sounded very “uneducated”. Based from your complaints you must be suffering economically too. Sorry, i can’t do something with someone who sits in front his computer doing nothing but whining.

        PS: In case you can’t comprehend my last sentence. The only way to get our of poverty is to be educated, stop complaining and above all stop being L-A-Z-Y.

      • leomar101

        How do you know I’m lazy? How do you know I’m stupid like you? hahaha. How do you know I’m suffering economically? hahahaha. sounds like a typical doggie or?tsk tsk tsk. you can not stop anybody here posting ones opinion by calling names. By the way you can edit you post if it has some error so that you will sound intelligent. hahahaha.

      • Ako_Hiking

        Well then Aquino has failed on that front because unless you are living in a fantasy land the Philippines is no where near being a corrupt-free government. Therefore, that is why it would be wise for the Aquino Administration to have other and more reforms other than continually throwing around the slogan “Daan Matuwid” and trying to keep Gloria in jail. That’s not enough.

      • Garo Ungaro

        By instituting reforms in “CORRUPTION” alone will we see a big difference…This cancer is the main culprit why? We can’t move on. No matter reforms you will implement if corruptions remains then maybe it always a lost cause. Foreign/local investors will come in, if there’s a trust and confidence in any investment arena…

  • Ako_Hiking

    That picture of Aquino is perfect because that’s all that he seems to do is sitting chill and relaxed enjoying his time as President while the country remains at a stand still. Sure the economy has seen growth but it is also sure that the is not much economic reforms to sustain this growth.

  • disqusted0fu

    Now what does the Aquino know about economic reforms? The economic growth that we are currently is experiencing is for the most part caused by the economic reforms during the previous administration, the BPOs and the OFW remittances plus the recent spending for the elections. Other than that, what else? In fact, the administration’s focus on the CCT has rather slowed down the effects of the economic reforms of GMA



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