Private sector’s role cited in economic growth

Image result for private sector photos philippines

The National Economic and Development Authority has urged the private sector to boost its activities, especially in the provinces to promote the government’s agenda of inclusive growth.

Socioeconomic Planning Secretary Ernesto M. Pernia said that the private sector is able to help the government by bringing in their innovation and expertise in carrying out public-private partnership projects.

“Our partners in the private sector play a big role in the development process and thus in realizing our vision for the country, the AmBisyon Natin 2040. We need to start working outside of urban centers, however, and tap the potential of fringe regions,” Pernia said.

AmBisyon Natin 2040 envisions Filipinos as enjoying a strongly rooted, comfortable, and secure life.

Secretary Pernia also encouraged private partners to continue contributing to economic growth by creating jobs, promoting innovation, providing skills training, delivering quality health services, and providing additional infrastructure financing through public-private partnerships.

He stressed that the hallmark of the administration’s socioeconomic agenda is a rural and regional development that will reduce poverty and inequality across the regions.

The new Philippine Development Plan (PDP) 2017-2022 employs a National Spatial Strategy (NSS) that describes geographic challenges as well as opportunities for economic growth.

The main strategies of the NSS are maximizing the benefits of scale and agglomeration economies, connecting settlements to form efficient networks, and making vulnerability reduction an integral part of development.