6% GDP growth meaningless if the poor do not feel it – Binay

United Nationalist Alliance (UNA) Chairman, Vice President Jejomar Binay said the 6 percent growth in Gross Domestic Product (GDP) achieved by the country doesn’t mean a thing if it is not felt by those living below the poverty line.

“The country’s economic growth would have been more meaningful if it induced the creation of more jobs and opportunities for our people,” said Binay, who is vying for the presidency in 2016.

“Economic growth is meaningless if it excludes the poor and working class Filipinos. We have claims of growth in the midst of unmitigated poverty, unemployment, and hunger.”

“The job of any administration is to address poverty by providing jobs and economic opportunities,” the opposition leader pointed out.

Binay in recent weeks has underscored how poverty has become the biggest moral issue facing the Aquino administration, even ranking it higher than corruption.

He cited the recent Social Weather Survey (SWS) which showed that around 11 million Filipino families consider themselves poor. The survey also showed that poverty incidence in the Visayas increased 66 percent since June from 58 percent while Mindanao’s poverty incidence remained at 70 percent over the same period.

Good intentions According to the SWS, 54 percent of Filipinos considered themselves poor in 2014, a six-point rise from 2010’s 48 percent, the year President Aquino assumed office.

“We witnessed how good intentions are not enough to run a country. Umunlad ang iilan, milyun-milyon pa rin ang mahirap, nagugutom at walang trabaho. Kawawa naman ang taumbayan kung mauulit ito sa susunod pang anim na taon,” he said. (While some felt the progress, millions remain poor, hungry, and unemployed. I pity our people if this continues for another six years.)

Binay said the government needs to bring in more foreign direct investments (FDI), considering Philippines ranks among the lowest in Association of South East Asian Nations (ASEAN) on FDI.

He also noted how the Philippines is second to the last among its ASEAN peers in terms of starting a business, dealings with construction permits, registering property, and enforcing contracts.

“Ang hinahanap ng investors stability, consistency (Investors are looking for stability and consistency),” said Binay, 73, who steered Makati City as mayor for almost two decades.

Equal sharing The Philippines attracted $6 billion worth of investments in 2014. However, the country’s FDI inflows remain low compared to other Southeast Asian neighbors like Singapore with $68 billion, Indonesia with $23 billion, Thailand with $13 billion, Malaysia with $11 billion, and Vietnam with $9 billion.

Given this backdrop, Binay said his administration will focus on inclusive growth and make sure that the country’s economic gains are felt by all.

“My vision is for every Filipino to have an equal share in the nation’s progress. No one should be left behind,” he said.

He said inclusive growth is possible with the right mix of social and economic policies by a government that is sensitive to both the needs of its residents and those who do business in the country.

Binay said his administration will strive to create jobs and provide adequate social services that will especially help the poor.