A TOP official of the Philippine Competition Commission (PCC) is confident that the next administration will continue the economic gains and momentum achieved by the Aquino administration.
Dr. Arsenio M. Balisacan, chair of PCC and former Economic Planning Secretary and National Economic Development Authority (Neda) Director-General told reporters Friday during the Mindanao-leg Public Consultation on the Implementing Rules and regulations (IRR) of the Philippine Competition Act at the Microtel by Wyndham that with the direction of the economic agenda being presented by the incoming President Rodrigo Duterte camp, the fast-rising economy of the Philippines will be sustained provided that deep reforms and improvements on some bottlenecks will be addressed.
“It is reassuring, the eight-point economic agenda and other economic policies laid by Duterte will most likely continue the economic momentum this present administration gained, but the challenge is how the incoming admin will deepen the reforms,” he said adding that aggressive implementation is needed.
He stressed that some reforms needed are scrapping some government regulatory policy burdens, enhancing connectivity in air, water and land, agriculture, quality jobs, among others.
Last Thursday, Neda reported that for the first quarter of this year, Philippine economy grew faster than expected at 6.9 percent, the highest quarterly growth in almost three years outpacing China for the first time in 27 years.
Economic Planning Secretary Emmanuel Esguerra said in a report that “the robust performance increases the likelihood of achieving the official full-year gross domestic product growth target of 6.8 percent to 7.8 percent.”
Meanwhile, he lauded the plan of Duterte to implement nationwide the 72-hour processing policy in securing clearances and permits.
“If this will be implemented nationwide, this will surely tremendously affect in a positive way the ease of doing business in the country. We will be more business-friendly to investors that would be of no surprise” he said.
Balisacan added that long process in opening and venturing a business here is one of the reasons why some investors will drive away from the country.
Duterte proposed that the policy will be applied in all government institutions and if not followed properly and strictly, the responsible office will no longer be allowed to release the documents or papers but will be directed to forward the application to his office and will be scrutinize why it took more than three days to process the application made.
This measure is said to be elevating the country’s rank in ease of doing business as Philippines was poorly ranked at 103rd in last year’s World Bank report.