NEDA chief brags Phl economic accomplishments in Japan

MANILA, Philippines - Socioeconomic Secretary Arsenio Balisacan said the government will accelerate efforts to generate more employment and reduce poverty.

During the Philippine economic briefing in Japan, Balisacan reported that the Philippines achieved 7.2 percent economic growth in 2013 in spite of natural disasters that struck the country during the year.

"The expansion is characterized by the revival of manufacturing on the supply side, and the resurgence of investments on the demand side. This tends to support a more sustainable growth path as these productivity-inducing sectors shift potential output upward," Balisacan said.

The decrease of poverty incidence among Filipinos from 27.9 percent last year to 24.9 percent indicates that the government's inclusive growth strategies have been effective.

Other indicators are Growth Domestic Product which increased by 6 percent in the first semester of 2014 and Labor Force Participation rate which increased by 0.5 percent, according to the Labor Force Survey.

The updated Philippine Develoment Plan identified six sectors which are manufacturing, agribusiness, tourism, IT-Business Process Management, logistics and construction, that have the potential to generate high quality employment for Filipinos.

"The strategic plans and roadmaps to support the growth in each of these sectors are already in place and are being implemented," Balisacan said.

He said the government will continue to monitor the poverty rates which are main indicators of growth to demonstrate their commitment "to ensuring that economic growth will benefit all, and that a better quality of life will be experienced by the poor."