By Azer Parrocha
MANILA, (PNA) — Although the country may have garnered the highest GDP yet, Sen. Benigno ‘Bam’ Aquino IV on Friday explained that it was not enough to say that the Philippines is experiencing inclusive growth.
During the Social Business Summit 2013 held at the Gawad Kalinga Enchanted Farm, Bgy. Encanto, Angat, Bulacan, Aquino, who was guest speaker, said that the Philippines still had a lot to push for in development.
The domestic economy in the Philippines accelerated in the second quarter of 2013 to 7.5 percent, the highest in the East and Southeast Asian region in the recent quarter yet it did not seem to have made its presence felt, Aquino implied.
“Currently, the number one issue placing our country, not just the government is really inclusive growth,” Aquino said, during his speech.
“It is not acceptable that we are experiencing GDP growth in our recent history and experiencing such a minute change in poverty levels,” he added.
The young senator said that there was a need to explore a new way of doing business that is inclusive and that can create wealth for more people from the bottom of the pyramid.
“Social enterprise can becomes successful, there are still many bills in the senate that need a lot of innovation (but) if we can push for these bills, we will be able to push for our inclusive growth,” Aquino said.
“We need to be able to accelerate efforts of government, micro finance groups, social enterprises bring changes all the way down and we will experience inclusive growth,” he added.
At present, the Philippines is taking the lead in engaging with the multitude of business opportunities for social entrepreneurs and innovators, which Aquino said he has high hopes of, will create sustainable prosperity for all.