MANILA, Philippines - The government will continue focusing on policies and measures for increasing productivity and competitiveness of domestic sectors crucial for sustaining robust economic growth over the next three years, according to the country’s chief economic planner.
National Economic and Development Authority (NEDA) Director General Arsenio Balisacan said the performance of the agriculture, industry and services sectors is a critical determinant of the economy’s growth potential and its ability to create jobs.
After posting a growth of 7.2 percent last year, the Philippine economy is targeted to grow by 6.5 to 7.5 percent in 2014, 7 to 8 percent in 2015, and 7.5 to 8.5 percent in 2016.
“Reducing the cost of doing business will continue to be a priority, consistent with the platform of good governance,†Balisacan said in a recent economic briefing.
To this end, he said the country has been addressing infrastructure bottlenecks, improving connectivity and increasing the availability of highly trainable and skilled labor.
“Access to technology is being facilitated and innovation is encouraged to further increase investments and generate jobs,†he said.
Balisacan said the updated Philippine Development Plan (PDP), which serves as the country’s roadmap to inclusivity, emphasizes the government’s facilitative role in promoting competition and making it easy for firms and entrepreneurs to do business in the country.