Looking for sustainable growth

That’s right. The prognosis for the Philippines in 2012 is bullish. The economic outlook, in particular, has never been rosier, what with the World Bank projecting the country’s growth at 6.2 percent from 4.2 percent at the start of 2012.

Despite the uncertainties in Western economies hit by the global financial crisis of 2007-2008, there is still scope for additional growth in the Philippines in 2014, with the World Bank citing strong consumer spending and an expected rebound in public spending to be the main drivers.

In fact, the Philippines may be at the brink of a break-away, one that could lead us out of an economic sluggishness and erratic performance that pervaded this nation for most of our past 50 years to sustainable growth.

It is at this point that our economic planners as well as our government executives should make sure that the platform for continued growth will be firmly in place to steer the country’s target sectors to achieving their goals.

The Philippine Development Plan for 2011 to 2016 is still P-Noy’s bible that lays out the economic map for inclusive and sustainable growth well into the future when the current administration has bowed out of power.

The need to remember that any growth must always redound to the welfare of the country’s majority, especially those who need the most help, is laudable. In fact, it is the basis of P-Noy’s social contract to his bosses. Getting to this point in the quickest and most efficient manner is the key.

And this is where the greatest challenge lies. The battle is now with us: our leaders, the public servants we pay to make the state machinery run efficiently and smoothly, and the legislators we vote and seal our fate for their respective terms of office.

No sense of urgency

After two years of laying out the basis for launching the infrastructure projects under the Public-Private Partnership program, it is critical that almost all of these get off the ground this year. If my recollection is right, there had been 20 projects listed in the PPP action plan.

While P-Noy’s government has been able to admirably improve its fiscal position with the passage of the sin tax reform act, there is still a lot more to do in terms of raising financing for vital capital-intensive infrastructure projects, hence the PPP.

If we are really serious about getting our tourism act ready for the time when the US, Europe and Japan are well into their economic recovery, we need to have our major airports up and running to world standard. This means getting NAIA-3 as the main international gateway operational.

Of course, this means also that we have to have the tourism-related PPP projects starting up already, at least having construction and operating contracts signed and sealed. Things have been moving at too slow a pace, and it seems that there is no sense of urgency at all among our concerned government agencies.

No focus

Our lawmakers have been busy with their duties on the Congress floors, but sometimes the focus is lost in grandstanding, trivial pursuits, or nitpicking. Having two tough laws enacted during the closing of the year is well and fine, but there are more laws that need to be passed that are necessary to nation-building.

While there are urgent bills that need to be passed, like the amendment to the Anti-Money Laundering Act (AMLA) that could once again put the Philippines back in the black list of the world’s now powerful Financial Action Task Force if not acted on, there are others that hold the key to the entry of foreign investments in the country.

We need to harmonize our investment incentives package, resolve the property ownership issue that is biased against foreigners, pass the Financial Rehabilitation and Insolvency Act, Rationalization of Fiscal Incentives and Fair Competition or Anti-Trust Law, and GOCC Governance Act.

We’ve seen how many of these bills have been debated and discussed in previous congresses, languishing for years in the Lower and Upper Houses without any substantial progress seen. All these represent precious time, money and opportunity lost for the Filipino.

No patriotism

Lastly, and only because we are constrained by space, we mourn the absence or lack of nationalism among us. The ranks of patriotic Filipinos, those who express genuine concern to serve the country, either as public servants or citizens, seem to be dwindling.

This is perhaps the offshoot of decades of corruption that has numbed many of us into apathy, not caring anymore whether this country goes to the dogs. In the period when globalization has opened the gates of other countries to job opportunities, it has become easier for many of our countrymen to pledge allegiance to other governments.

We have become one of the biggest immigrant nationalities in many countries, serving well their private and public sectors and contributing to the growth of their economies.

These are ex-Filipinos who are exemplary professionals in the fields they choose, and whose migration is our nation’s loss. If our government cannot put together its act soon, we will see more Filipinos who may be working on short-term basis looking at long-term possibilities of settling in other countries for good.

Ray of hope

Our latest surveys have shown increasing hope by Filipinos in their government leadership. But this must be translated into action, something that requires a sense of urgency to act quickly, undivided focus, and yes, a deep-seated commitment to, and love for the nation.

With elections just around the corner, let this ray of hope shine brighter by thinking carefully about new leaders we intend to elect. Let us choose those that demonstrate a sincere sense of urgency, commitment and genuine love for our country.

It may be difficult as the political noise increases in crescendo but we owe it to ourselves to nurture this hope and not extinguish it for a few handed out pesos.

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Should you wish to share any insights, write me at Link Edge, 25th Floor, 139 Corporate Center, Valero Street, Salcedo Village, 1227 Makati City. Or e-mail me at [email protected]. For a compilation of previous articles, visit www.BizlinksPhilippines.net.