By Janice Cave
MANILA, (PNA) — The Philippines will achieve within the next six years a “demographic and middle income sweet spots” as a result of the Aquino administration’s “sound macroeconomic fundamentals and fiscal management,” a Palace official said Tuesday.
At a press briefing, Presidential Communications Operations Office Secretary Sonny Coloma Jr said the country will hit a “demographic sweet spot” in 2015 where majority of the population is expected to join the workforce.
“By 2015, numerically mas marami na ang nasa working age dahil sa growth rate in population… Dahil dito, makakamit natin ang benepisyo ng isang propesyonal na sipag at bihasang workforce sa lupon ng mga manggagawa,” he said.
“Kung maaalagaan po ito ng mahusay, this can be sustained as far as 40 years,” he added.
By 2019, he said the country will become a “middle income sweet spot” which means a more empowered consumer base when the gross domestic product per capita will reach ,000.
“Ang ibig sabihin nito ay greater buying power ng ating mga mamamayan and a more empowered consumer base,” he said.
“Upang paghandaan ang pagdating , inaayos ng pangulo ang mga institusyon na bumubuo sa ating economic infrastructure tulad ng NEDA [National Economic Development Authority],” he added.
As preparation, Coloma said Aquino issued Memorandum Order No. 58 which includes the secretary of the Interior and Local Government and the Presidential Communications Development and Strategic Planning Office as members of the NEDA board.
“Kasama po ang ating mga local government units sa pagtatamo ng layunin ng inclusive growth dahil ang ating mga mamayan ay nasa grassroots po ng ating bansa,” Coloma said.
Coloma said a sound fiscal management would be a cushion against possible economic shocks or threats.
He also said one of the preparations is the expansion of the workforce’s profile by strengthening the manufacturing base and closing the gap between job opportunities and skills mismatch.
“Pinalalawak na po natin ang profile na dating service oriented. Sa ating 2014 budget, may konkretong programa para lumawak ang ating manufacturing base,” he said.