Fresh philosophy for economic development pushed

MANILA, Philippines - Former Budget and Management Secretary Salvador M. Enriquez Jr. has urged the business group to adopt a fresh philosophy for a national economic policy that would help propel the country toward progress and development.

Speaking before the National Economic Protectionism Association (NEPA) economic patriotism workshop at the Bacolod Inasal Restaurant in Quezon City Circle, Enriquez noted the sad economic state of the nation and proposed a two-point program to consider.

“First make a thorough review of the macroeconomic policy environment, identify inspiring philosophies, and proposed strategic actions for ‘quick wins.’ Second, help the small Filipino business enterprises to grow faster, because economic development will be more and more reliant on them and they can become the vital advocates of economic nationalism,” he said.

“The Filipinos must be the sole determinants of the economy, so that they may become the sole beneficiaries of the results, thereof. This is a philosophy that will guide our national leader,” Enriquez said.

He asked the NEPA to help increase the world’s economic pie. “We can participate and identify the moves which the Philippines economy can take advantage of,” he said.

Enriquez also laid out similar principles to guide the production, distribution and consumption factors of the economy.

On the production factor, he emphasized that “the nation’s production capability and capacity are the true measures of economic progress and development.”

As such, he said the habit of industry must be developed and sustained as a virtue in life not just by individuals but more so of the national society, as its desirable characteristic, he said.

On the distribution of goods, Enriquez proposed the principle of rational sourcing and optimized sharing of economic activities.

“A rational sourcing of inputs as well as an equitable distribution of outputs can help the economy grow faster. This is best expressed in optimizing employment which also brings about rationalized sharing of economic activities,” he stressed.

On the consumption factor, he opined that the people’s consumption is supposed to be equal to their production within the economy. Thus, consumption must function as an effective stimulus of production, and vice versa. But he also pointed out a caveat: “In stimulating production, consumption needs to be disciplined, so that it will remain consistent with the national’s social covenant, particularly in terms of sustainability, as we reckon with the needs of the succeeding generations of Filipinos.”

Enriquez also suggested that NEPA look favorably at the idea of guided free enterprise. “This will rationalize the production, distribution and consumption factors of the economy,” he stressed.

The new set of NEPA officers is led by Bayan De la Cruz, 30, a publisher and real estate developer. Ernie Gonzales, former NEPA president chairs the current NEPA board of directors, composed mostly of entrepreneurs in the prime of their life, aged 30-40 years, and successful in their liens of business.