The National Economic and Development Authority (NEDA) has stressed that the government would further integrate the domestic economy, level the playing field and foster an enabling environment for enterprises to deliver economic progress that is widely shared among Filipinos.
During the recent economic briefing, Socio-economic Planning Sec. Cayetano Paderanga said that to help level the playing field, anti-competitive practices would be subject to government regulations.
To help broaden the sectoral and geographic base of the country’s growth, Paderanga said the economic team would work towards integrating the domestic economy by strengthening maritime and road links between the countrys islands.
Paderanga noted that the P-Noy Administration will provide adequate funding for conditional cash transfer programs and boost social spending to ensure that the poor are empowered to participate in the growth process and share the benefits of economic growth.
The government will also provide social safety nets to sectors that are vulnerable to adverse climate change impacts, Paderanga said.
To address the poverty-inducing, narrow-based, jobless growth in the previous years, the economic managers revealed growth strategies that are to create vast employment opportunities, reduce poverty and promote inclusive growth in a sustainable manner.
The government would aggressively help the development of six priority sectors that have high employment potential — housing, mining, electronics, business process outsourcing, tourism and agri-business.
Consistent with the government’s effort to broaden the sectoral base of the countrys growth, Paderanga vowed to foster an enabling environment to spur the growth of various enterprises.
Paderanga pointed out that the government would intensify efforts to reduce the cost of starting and doing business in the country and provide the necessary infrastructure, particularly a reliable and affordable power supply.