By: Elena Grace Flores
Outgoing President Benigno Simeon Aquino’s pride is the over 6% GDP growth despite claiming that he took over a country dubbed as “sick man of Asia”. Now incoming President Rodrigo Duterte’s challenge is to keep the growth momentum and address outdated infrastructure for better public service at the same time. Not to mention tackling graft and protectionism,
The Daily Tribune wrote: ““Contracts will be respected, good governance will be delivered, corporate taxes will be lowered,” Dominguez told the business forum. “The negative list for investments will be relaxed as far as constitutionally possible, infrastructure will be built and the ease of doing business will be improved,” he added The Philippines posted an annual economic growth of 6.9 percent in the first quarter, its fastest pace in nearly three years but the expansion was mainly attributed to election spending prior to the May 9 polls.””
It also added: Diokno said the target for infrastructure spending would be equivalent to six percent of gross domestic product or about P1 trillion from this year’s goal of five percent. To create more jobs and ensure growth was felt in rural areas, the government would ramp up infrastructure spending outside Manila and would boost revenues by reviewing tax incentives to offset shortfalls from a lowering of income tax. The government would welcome unsolicited proposals for infrastructure projects, while ensuring counter offers, or the so-called Swiss challenge, were made to ensure fairness.
Business summit lambasted