Belmonte draws route to entice more direct investments into the country
Congress is committed to the removal of “structural impediments” to investmentsand encourages aggressive programs to create quality employment opportunities for the people to arrest the “persistence of inequality and poverty,” Speaker Feliciano Belmonte,Jr. stressed before the latest forum of foreign business leaders.“Although the current macroeconomic conditions are laudable, structuralimpediments to investments and job creation still persist. Unemployment andunderemployment remained a big hurdle, thus, the persistence of inequality and poverty,”Belmonte explained.The House leader was addressing the “
Philippines Anniversary Forum”under the theme “Realize the Potential”, held on February 26th at the Makati Shangri-la,and organized by the Joint Foreign Chambers.Citing the growing recognition that the Philippines could be a growth leader amonglarger emerging economies, the Speaker said the current state of Philippine reformation isclearly intended to achieve sustained and inclusive growth.“Indeed, the present is an opportune time to reflect on our journey and affirm our commitment to the pursuit of continuing structural reforms towards sustained andinclusive growth,” he said.He underlined that the key elements of inclusive growth, which include job creationand improvement in the quality of employment.“But how do we boost employment? Basic economics dictates that to increase jobs wemust boost investments. There is no going around that,” the House leader said.The House leader clarified that investments do not mean “hot money” that has been pouring in but direct concrete investments that go, for instance, into the manufacturingsector.“Multilateral agencies are of the consensus that the Philippines needs to focusinvestments on modernizing agriculture, reviving manufacturing, and developing tourism,considering these sectors’ high labor absorption and high multiplier effects,” he pointedout.Confident of the continuing support of
Philippines, Belmonte then laiddown three tasks designed to increase direct investments in the country.
NR # 3030MARCH 1, 2013