Binay downplays economic growth under PNoy gov’t

Despite the overall assessment that the Philippine economy has been growing decently in the past years, Vice President Jejomar C. Binay belittled the efforts of the current administration, which he is part of, to improve the major sectors in the country.

Binay said during the 41st Philippine Business Conference (PBC) yesterday that the present administration, which is being led by President Benigno Aquino III, has failed to unlock the full economic potentials of many local sectors including infrastructure, telecommunication, infrastructure, agriculture, and tourism.

“Aquino administration promised so much but unfortunately delivered very little.” Binay, who is now going after the presidential position, said, adding that Aquino’s term is a “period of lost opportunities.”

“We have seen a faster GDP [gross domestic product] growth but poverty rate has worsened…The economic growth could have been more robust if the economic management was better,” he further said.

The PBC is an annual gathering of the country’s largest business organization, which is the Philippine Chamber of Commerce and Industry (PCCI).

For his part, PCCI president Alfredo Yao said “political will” is crucial in pursuing regulatory reforms that is aimed to further develop the country’s business sector.

In this year’s PBC, PCCI has called on the Aquino administration to reduce both personal and corporate income tax rates.

Yao said in an interview with reporters that this move could result to more investments in the country which will eventually outweigh the projected losses in government revenues that will be brought about by the reduced tax collections.

To be submitted to the President for consideration, PCCI is set to pass and formalize a set of resolutions on issues the business community feels the need for urgent government action towards the end of the 41st PBC.

The call for tax reforms is just part of the 11-point resolutions encompassing areas on pending legislative measures, energy, MSMEs, environment, education, industry, logistics, infrastructure, transportation infrastructure, ICT and services, intellectual property, and capital market development.

Upon implementation of the resolutions, Yao said that usually, the group only achieves 40-percent success rate.

“Hopefully, the government will have a stronger political will. I’m not saying that there’s no political will at all. If we have political will, we will be faster and [success rate] will be 70 percent to 80 percent. A lot of things can happen because of political will,” Yao further said.

At the second day of PBC, which will be held today [Tuesday], other presidential candidates for 2016 including Senator Grace Poe, and former Interior and Local Government Secretary Mar Roxas are set to state their economic platforms.

Another aspirant for the highest government position, Senator Miriam Defensor Santiago, is also invited to join Poe and Roxas.

PCCI, however, said the lawmaker has yet to confirm her attendance for the PBC.