Focusing on growth and‘real change’

EDITORIAL

“The economic gains that the Philippines achieved under the Aquino administration are laudable, but it is up to the country’s next leaders to sustain this development by making sure that economic growth translates to more and better opportunities for the poor,”

This is Senate majority leader Alan Peter Cayetano take on recent statements made by New-York based think tank Global Source, which stated the 2016 presidential elections had brought “heightened uncertainty for investors” especially as it is “emerging as a multi contender race with no clear frontrunner” who can assure continuity in the country’s economic development.

According to Cayetano, the Filipino public should to place their votes on a candidate who will not only continue the administration’s economic initiatives, but will also work towards expanding them in order to attain a more inclusive growth.

He said under the five years of the Aquino administration, the average growth of the economy reached 6.5 percent but this was not felt by majority of this country’s constituents. The challenge now, he said, is for growth to reach majority of Filipinos like farmers, fishermen and those in small business.

The senator, who is also vice chair of Senate Committee on agriculture, said to make this kind of change possible, government should improve its anti-poverty initiatives by implementing more development, assistance and microfinance measures for the poor other than the current Conditional Cash Transfer (CCT) program.

The senator reiterated his proposal to push for massive infusion of government resources and funds into the development of small businesses in the country. He proposed that government should allot P1 billion worth of funds per region to institutionalize capital-lending programs that will support and promote the development of micro and small enterprises (MSMEs).

He said many had benefited from the government’s CCT program. But to lessen of end problems on poverty and unemployment, better livelihood opportunities for both the middle class and the poor should be provided.

Cayetano has been a staunch advocate for the development of local MSEs since his reelection campaign in 2013, during which he launched his PTK (Presyo, Trabaho, Kita/Kaayusan) platform in an effort to address people’s problems on high prices, lack of jobs, and low income. The senator’s PTK initiative aims to provide small-scale entrepreneurs more access to capital by establishing a micro-financing mechanism that will charge low interests in small loans.

Upon its establishment two years ago, the program has provided assistance to 149 associations of farmers, fishers, vendors, entrepreneurs, and transport groups in the Philippines. It has since then created real change in the lives of thousands of Filipino families, helping them reap the benefits of the country’s growing economy.