By Joann Santiago
MANILA, Sept 30 (PNA) — Positive developments in the Philippines continue to face challenges both domestic and external but continued implementation of the government’s reform agenda is seen to bar risks from hurting the economy.
Bangko Sentral ng Pilipinas (BSP) Governor Amando Tetangco Jr., in his speech during the Philippine Economic Briefing at the Philippine International Convention Center (PICC) Tuesday, said the government’s reform agenda “remains much a work in progress.”
”The challenge now lies in sustaining our good performance and consolidating our gains, even through difficult times…Our main priority is to achieve sustained, stronger, durable, and more inclusive growth,” he said.
Among others, fiscal reforms put in place in recent years enabled the government to strengthen its fiscal situation, which in turn provided the fund to put in necessary infrastructure and implement social security programs.
Banking reforms enabled the country to be known for its resilient banking system while monetary policy reforms paved the way for the strengthening of the country’s external payments position, which was cited by credit rating agencies when they gave the country investment grade ratings since 2013.
Tetangco said the government will focus on three I’s to further ensure the sustainability of the economy’s resiliency.
These I’s are Infrastructure, Inclusiveness and Institutions.
The central bank chief said the country “has serious need for more infrastructures”, which when put in place would ensure more inflows of foreign investments and provide jobs.
In terms of inclusiveness, he said the government bids to “create an environment that not only enables more of our countrymen to enjoy prosperity as the economy grows but also one where they can actively participate in making the economy grow.”
He cited that “durable economic growth is one that is inclusive” where industries providing employment are entrepreneur-friendly.
Thus, he vowed that the central bank will continue to “promote greater financial inclusion through regulations that broaden access to financial services and programs that deepen financial learning.”
Also, Tetangco said there is a need to ensure that institutions are politically and economically-responsive.
He noted that “while we have amply demonstrated that we are capable of instituting critical reforms, we at the same time, continue to be mindful that the operating environment is evolving, and therefore we need to carefully move in step.”
”As we are well aware, government cannot craft and implement reforms alone. We need your partnership. We need your support. For it is only if we work together that any structural reform agenda would be truly transformative towards durable and inclusive economic growth,” he said. (PNA)