Binay bares economic platform

By: Paolo G. Montecillo - 11 years ago

Vice President Jejomar Binay: Pro-business. INQUIRER FILE PHOTO

MANILA, Philippines—With his eye fixed on 2016, Vice President Jejomar Binay unveiled what appeared to be his economic platform in a bid to curry favor with the leaders of industry.

Speaking at the Financial Times-First Metro Investments Corp. Philippine Investment Summit in Makati City on Monday, Binay also highlighted his achievements as mayor of Makati City.

“Poverty and unemployment still hobble one-fifth of all Filipinos… Expansion is meaningless without inclusion,” Binay said in his speech.

“Growth has been fueled by the services sector. Manufacturing and agriculture—major drivers of employment—have unfortunately remained relatively dormant. There lies the key to sustain economic growth,” he said.

Among his priorities is the amendment of economic provisions of the Constitution to open certain industries to more foreign investment. These include telecoms, infrastructure and power.

He will also push for an “open skies” policy to be complemented by the construction of more airports and the expansion of tourist destinations.

Revisiting the Electric Power Industry Reform Act will also be prioritized “to unlock investments to reduce the cost of electricity and expand capacities in power-short areas.”

To attract more investments in the manufacturing sector, Binay said the government should invest heavily in education, particularly in imparting technical skills to blue-collar workers.

Binay said his ability to craft economic policies was honed during his two-decade term as mayor of Makati. He noted that under his leadership, from 1986 to 2010, Makati cemented its role as the nation’s main business district.