DuterteNomics Unveiled

The Department of Finance (DOF) and the Presidential Communications Operations Office (PCOO), in cooperation with the Center for Strategy, Enterprise & Intelligence (CenSEI), unveiled Tuesday the President’s economic and development blueprint for the Philippines, aptly called “DuterteNomics,” in a forum held at The Conrad Hotel.

“(DuterteNomics) It started out with a simple yet pragmatic economic strategy: Rid the streets our country of criminals, free our people from the menace of drug abuse, bring lasting peace to our southern islands, and neutralize extremist and terrorist groups,” said Executive Secretary Salvador Medialdea who opened the forum adding that “the concept is easy to understand: restore peace and order and the rule of law, and everything else will follow, including economic and social development.”

Nine months since the Duterte administration took the reins of national governance, the economy is on a roll with gross domestic product (GDP) growing by 7.1 percent in the third quarter of 2016. Business, investor and consumer confidence are high. People feel safe and secure in the streets and at home.

To sustain the economic momentum, the President’s economic managers formulated DuterteNomics, which is anchored on the Administration’s 10-Point Socio Economic Agenda.

Finance Secretary Carlos Dominguez, who gave the keynote address of the event, said that “this is the time to move decisively” as “it is time now for a breakout” with the Philippines having “a leader capable of much audacity” and that “all the favorable factors are present.”

The forum was divided into six sessions – Session 1: Economic Overview and Philippine Development Plan (PDP) Highlights; Session 2: BuildBuildBuild Infrastructure Plan; Session 3: Fiscal Issues on Revenue and Spending; Session 4: Mindanao Economy/ Major Development Initiatives in Mindanao; Session 5: International Context and Environment for the Philippine Government; and Session 6: Reactions to DuterteNomics.

The six sessions were presented by notable panel of speakers from the President’s Cabinet. Secretary Ernesto Pernia, Director-General of the National and Economic Development Authority (NEDA), presented the first session on the country’s recent economic performance and outlook, as well as the Duterte administration’s Medium-Term Development Plan ‎2017-2022, focusing on strategies for infrastructure development as one of the foundations for sustained economic growth.

Build Build Build

Presidential Communications Secretary Martin Andanar opened the second session on the Build Build Build Infrastructure Plan.

“The main program of the Duterte Administration to grow the economy, reduce poverty and solve congestion in Metro Manila is to build, build, build,” Andanar said.

The Presidential Communications Chief noted that it is the first time in history that members of the Cabinet are working together to make the infrastructure plans of the government a reality.

Andanar added, “We will embark on the most ambitious infrastructure in history which will usher in the Golden Age of Infrastructure.”

Related to this, Presidential Spokesperson Ernesto Abella mentioned that the government has created a Build, Build, Build portal (www.build.gov.ph) noting the administration’s commitment to transparency in governance.

“It’s a real-time tool where projects are monitored and tracked with relevant information made available to everyone. It’s a manifestation of the Duterte government’s commitment to ensure that all these projects will be corruption-free,” Abella underscored.

Joining Andanar and Abella in the discussion of the Build Build Build Infrastructure Plan are Executive Secretary Medialdea, Secretary Mark Villar of the Department of Public Works and Highways (DPWH), Secretary Arthur Tugade of the Department of Transportation (DOTr), President and CEO Vince Dizon of the Bases Conversion and Development Authority (BCDA), Secretary Benjamin Diokno of the Department of Budget and Management (DBM), and SocioEconomic Planning Secretary Pernia.

Budget Secretary Diokno discussed fiscal issues in revenue and spending in Session Three. The Budget Chief likewise touched on the additional investments needed to finance the Administration’s development priorities, including tax reform for acceleration and inclusion (TRAIN).

Representing the business community is Mr. John Gaisano, Chairperson of the Board of the Davao City Chamber of Commerce and Industries, Inc. who tackled the Mindanao Development Corridor and the island’s status as the country’s food basket and prime producer of production raw materials.

Professor Richard Heydarian from the academe talked about the pillars of DuterteNomics under international context and environment.

Former Secretary Cielito Habito, reactor of DuterteNomics, ended the session by citing the imperatives for sustained growth, such as high infrastructure spending, easing of investment restrictions, and reduction of regulatory burden and imperatives for inclusive development, such as concerted micro, small, medium enterprises (MSME) promotion and support and investments in human development and social protection.

The DuterteNomics Forum was attended by more than 200 participants from the government, diplomatic community, private business sector and members of the media. (PCO-Content)