Binay: 6% Q3 GDP growth meaningless

MANILA, Philippines - Vice President Jejomar Binay on Friday said the 6-percent economic expansion in the third quarter is meaningless, as it does not translate to more jobs and a better life for the poor.

"Economic growth is meaningless if it excludes the poor and working class Filipinos. We have claims of growth in the midst of unmitigated poverty, unemployment and hunger. The job of any administration is to address poverty by providing jobs and economic opportunities," Binay said.

Citing the recent Social Weather Survey, the vice president said around 11 million or half of Filipino families consider themselves poor. The same survey shows poverty incidence in Visayas reaching 66 percent and that in Mindanao at 70 percent.

Fifty-four percent of Filipinos considered themselves poor in 2014, compared to the 48 percent recorded in 2010 when President Benigno Aquino III assumed office.

"We witnessed how good intentions are not enough to run a country. Umunlad ang iilan, milyun-milyon pa rin ang mahirap, nagugutom at walang trabaho. Kawawa naman ang taumbayan kung mauulit ito sa susunod pang anim na taon," he said.

The vice president said there is a need to bring in more foreign direct investment, and make starting a business easier in the country.

"Ang hinahanap ng investors stability, consistency. ‘Yan ang dahilan kung bakit mababa ang foreign direct investments natin kumpara sa ibang bansa sa ASEAN (Association of Southeast Asian Nations)," he said.