PNoy Calls for Inclusive Growth at APEC Summit in Bali

Arriving before Sunday noon at Bali Indonesia for the 21st Asia Pacific Economic Cooperation Summit, President Benigno Aquino III delivered a speech before captains of industry in the island stressing the need to ensure that wealth is not concentrated in hands of the few.

As Aquino’s administration faces with the problem over the growth of joblessness in the country, the president speaks at CEO Summit Conversation with Leaders, saying ” inclusive growth allows the people to contribute to nation-building.”

Aquino said “the challenge for governments has deepened: When in the past we gravitated towards metrics that reflect merely the wealth collectively amassed by an economy, more and more the task of governments has become ensuring that this wealth is not concentrated in the hands of the few, but rather that it is equitably utilized to raise levels of human development.”

“In this manner, we engender a situation wherein the broader base of society can benefit from opportunities opening up through economic growth,” he added.

The Philippines received another investment grade rating last week, solidifying the country’s status as the latest investment hub in the region, but critics have said the government lags behind job creation and poverty alleviation, Gma news online reported.

Reports said the economy grew by 7.6 percent in the first half, the fastest in Southeast Asia, while inflation remains below the Bangko Sentral ng Pilipinas target of 3 to 5 percent. it added that joblessness has been blamed for the country’s stubbornly high 27.9 percent poverty rate as of June last year amid a strong economy.

In his speech, President Aquino said that without inclusive growth, a nation may experience “periods of cyclical growth” but any progress may be vulnerable to disruption, Gma news online said.

His administration has “set aside a “substantial” amount of the budget to fund social services in education, health and poverty alleviation,” the president said.

Reports said Aquino has also made a pitch for the Philippine government’s conditional cash transfer (CCT) program, which, according to the president, benefits 4 million families and has expanded to include families with children in high school, as “there is a 40-percent increase in income for those who finished high school versus elementary graduates.”

The president said among the reforms the government has undertaken are new laws such as the Responsible Parenthood and Reproductive Health Act, which allows access to information on family planning, and the Sin Tax Reform Act, which increases revenue from tobacco and alcohol and channels them to health services, Gma news online reported.

“Our task is to ensure that our people have the wherewithal to utilize, and indeed maximize, the opportunities opening up with the new-found revitalization of our economy,” Aquino said.

The president also said that what happened to the US “affects all of us” referring to the US government continuing shutdown which, according to report, is among the hot topics at the leaders meeting, Gma news online reported.

“The world economy obviously is not in a position to withstand too much shock at this time when we are just recovering as a global economy,” the president added.

United States President Barack Obama has canceled his scheduled visit to the Philippines because of the shutdown. Manila will instead play host to US Secretary of State John Kerry, Gma news online said.

Source: Gma news online