‘Budget to support economic revival’

Contributing factors

VILLANUEVA also cited a number of factors contributing to the growth momentum of the country’s economy.

He noted that Fitch Solutions Country Risk and Industry Research recently revised its 2022 GDP growth projection for the country from the initial 6.6 to 7.4 percent. He said this is an indicator of increased investor confidence.

The senator also said that the country’s September unemployment rate at 5 percent, which is the lowest in more than two years, not only sparks more confidence for investors and businesses but also shows that the current administration’s economic strategy is already taking effect.

“We need to ensure that the 2023 national budget would have sufficient social and economic support for the current positive growth momentum. The Senate is aiming for a national budget that favors sustainable growth and inclusivity, because no Filipino should be left behind while the economy is growing,” Villanueva said.

‘Invest in Filipino people’

A MAJOR think tank on Monday urged the country’s legislators to ensure that the national budget will serve the basic needs of the ordinary people.

Stratbase ADR also expressed concern over the P9.3 billion in confidential and intelligence funds that have been identified to be allocated to non-securityrelated government agencies in the 2023 national budget.

“At the end of the day, ordinary citizens are actually the main drivers of development, but they need to be given the opportunity. We need to turn these citizens into productive members of society. They earn. They have income. They have a livelihood. They consume. That’s what drives the economy,” Stratbase President and Democracy Watch Philippines Lead Convenor Victor Andres Manhit said in a statement.

Manhit said the previous government left fiscal challenges that the current administration needs to address.

He also said that the best way to surmount economic challenges is to invest in and prioritize the Filipino people.

“We need to provide them with the opportunity. How? Do they have enough skills? The education system will always be very important. What about postsecondary skills development? Or even tertiary education?

Or are they healthy enough to be productive? Those are the 2 drivers of productivity of our people,” he said.

Manhit, however, said that the government alone cannot provide all the opportunities for the Filipino people.

He urged the Marcos administration to engage and partner with the private sector.

“It’s good to have them, to listen to them, to engage with them, instead of vilifying them because that’s what former President Duterte did. There is always this perception that the Philippines is controlled by oligarchs or protectionists,” Manhit said.

“But our experience in the Stratbase group is that, as you engage more with big business and conglomerates, they are actually the top taxpayers. They are the top job creators and a strong source of investment across the country. Private companies should be seen as a key partner of the government,” he added.

Manhit also said the government plays a key role in creating an investment environment that will be conducive for jobs creation.

“Imagine if we give enough incentives to the manufacturing sector. Imagine if we really generate more tourism. Imagine if we continue to play a role and strengthen the business process outsourcing or the KPO, knowledge process outsourcing, as one of our exports—imagine 109 million Filipinos, who are productive, working, earning towards that end. That’s a big consumer base,” he said.

The Stratbase Group will gather key government officials, business leaders, experts from the academe, and the civil society in a 2-day conference on November 21 and 22. The conference is titled Pilipinas Conference 2022: Onward to New Beginnings: Sustaining and Improving Philippine Development.

Key government leaders including Budget Secretary Amenah Pangandaman, Finance Secretary Benjamin Diokno, Trade Secretary Alfredo Pascual, Delegation of the European Union Ambassador and Head Luc Veron are among the speakers of the event.

Also attending are key officials from the biggest business groups and corporations in the country and diplomatic officials.