Teodoro cites 4 steps to stimulate economy

MANILA, Philippines - Defense Secretary Gilbert “Gibo” Teodoro outlined his roadmap for the country’s sustained economic growth anchored on lasting peace specifically in southern Philippines.

In a talk during the 10th RP-DEV forum in Makati hosted by former President Fidel Ramos, Teodoro said the country’s economic fundamentals remain resilient amidst the ongoing global financial crisis because of sound financial policies of the government.

He said our strong banking system was able to withstand the adverse impact of the worldwide financial turmoil on the country.

Teodoro identified three sectors of the domestic economy that were badly affected by the crisis: our exports, remittances of our OFWs and foreign direct investments.

While the rest of the world awaits the recovery of the global economy, Teodoro said the local economy must be strengthened.

He offered four concrete steps to stimulate the economy and to sustain the efforts of the administration:

Good government, infrastructure and technology, better education, health and overall quality of life, and order in society, order throughout the Philippines.

Good government, according to Teodoro, would mean restructuring the central government as well as local government units; improving the compensation of public servants; invigorating the judicial system, and strengthening the civil service.

Harnessing our potentials in the maritime industry and tourism, among others, is critical to prop up our local economy coupled with the continuous infrastructure projects to beef up our agriculture and industrial sectors, he said.

Teodoro said a comprehensive and participative health care system should be put in place.

He also favors the establishment of a student loan program, where students can barrow money from the government, which they can pay through the GSIS or SSS once they find jobs after graduation.

According to Teodoro, lasting peace in Mindanao can be achieved through the formula anchored on the following: Development; Capacity Building; Disarmament, Demobilization and Re-Integration.

Any formula for peace in Mindanao, he cautioned, would be doomed to fail if the state will continue to under-invest in its security programs.

Teodoro said that apart from investing in modern military equipment, the country needs additional soldiers to meet the security demands of an archipelagic country such as ours.

Teodoro was among the six ‘presidentiables’ that took part in the Forum, attended mostly by national leaders, members of the diplomatic corps and other sectors which organizers invited to grace the event.