PHL must sustain 6% to 8% growth for a decade to eradicate poverty

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Category: Economy

Published on Monday, 10 December 2012 20:50

Written by Butch Fernandez / Reporter

SEN. Francis Pangilinan on Monday underscored the need for “inclusive and sustainable growth” as the Aquino administration continues to rally support for good governance and fiscal measures, buoyed by the 7.1-percent growth in the third quarter of 2012.

“While there is cause for us to be thankful for the 7.1-percent growth experienced in the third quarter, we must be mindful that we have been there before,” Pangilinan said even as he added that “more than simply reaching such growth rates from time to time is the question of sustaining it.”

In a statement, the senator acknowledged the elation of administration officials following reports that the resurgent economy was recently recorded as the second-fastest growing in Asia next only to China, which grew by 7.7 percent in the third quarter of 2012.

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Pangilinan said that the growth was fueled by “the robust performances of transport, storage and communication, financial intermediation and real estate.”

The business-process outsourcing, manufacturing, construction and agriculture industries also contributed largely to this growth, coupled with higher remittances from overseas Filipino workers and increased domestic consumption, he added.

The senator suggested that the country needs “at least a decade of 6-percent to 8-percent growth to truly eradicate poverty.”

“To do this we must create jobs here at home and increase incomes of the poorest of the poor in key sectors such as agriculture, tourism and infrastructure. Only then can we ensure growth that is both inclusive and sustainable,” he said.

Pangilinan chairs the Senate Committees on Agriculture and Food, and Social Justice, Welfare, and Rural Development which is crafting remedial legislation that would pave the way for increased investments in agriculture and social safety nets for farmers, fisherfolk, and marginalized workers “in order to increase incomes and improve the overall quality of life for millions of Filipinos,” he added.