Roxas backs call for restructuring of economy

Trade and Industry Secretary Manuel Roxas II supports calls for a further restructuring of the domestic economy to make it more responsive to increased competition.

According to Roxas, the faster the economy is restructured, the more competitive the country will be.

He pointed out that if local industries are competitive, products produced by other countries can not be easily dumped in the local market as locally-produced goods would be better and cheaper.

Towards this end, Roxas agrees with the objectives of an economic summit being scheduled for Nov. 26 this year.

The objective of the Economic Summit is to draw up an action agenda for 2001 to 2003 to sustain economic growth and mitigate the impact of adverse global conditions, particularly the poor.

It will also identify the stakeholders responsible for implementing the action agenda.

The economic summit will also try to secure the commitment of stakeholders which shall be embodied in the Socio-Economic Pact of 2001.

The action agenda of the economic summit will include the following:

• The need to address areas most vulnerable to heightened uncertainty.

• Prioritization of areas identified in President Arroyo’s State of the Nation Address and the Medium-term Priority Development Program that are experiencing delays.

• Identity projects that are doable this year up to 2003.

• Seek commitment from the private sector and civil society in promoting economic development.

Expected to attend the summit are no less than President Arroyo, Senate President Franklin Drilon, House Speaker Jose de Venecia, the Cabinet secretaries, the business community, the labor sector and non-government organizations. – Marianne Go