DuterteNomics: Economic, dev't blueprint for PH unveiled

THE Duterte administration unveiled Tuesday its economic and development blueprint for the country dubbed as "DuterteNomics".

President Rodrigo Duterte's economic managers made the announcements at an event hosted by the Department of Finance and the Presidential Communications Operations Office (PCOO) at the Conrad Hotel, Pasay City.

According to the PCOO, DuterteNomics includes the current administration's main governance and fiscal policies, comprehensive big-ticket infrastructure programs and upgraded social services targeted to accelerate growth.

The economic and development blueprint also aims to transform the Philippines into a "high middle-income economy" by 2022.

Executive Secretary Salvador Medialdea said the economic and development plan is anchored on the 10-point socioeconomic agenda of the Duterte administration that focuses on "the production of a progressive tax reform package and measures designed to bring about increased competitiveness, accelerated infrastructure spending, and improved social amelioration and development programs."

Finance Secretary Carlos Dominguez, in a keynote speech, said the Philippines had trailed behind other countries with good economy, but stressed that it is about time to rebuild the country’s competitiveness by pushing for programs such as tax reform package and infrastructure projects.

"An investment-led growth pattern creates job and opens more economic opportunities for our people," he said. "We must build a truly inclusive economy. To do so, our economy should be investment-led, creating new jobs and opening opportunities for all."

Dominguez said the government is also looking forward to what has been called a "demographic sweet spot," as the populations of some of the more mature economies in Asia begin to age.

He said that the administration has to invest in the Filipino youth.

"We are looking forward to the entry of millions of young Filipinos into the work force. We must invest in them and make them globally competitive. We must prepare the economy to provide meaningful jobs for them or else risk building an alienated and discontented generation," the Finance Secretary said.

"The demographic sweet spot is both a challenge and an opportunity. It is a test of our ability to govern and chart the nation’s future. Seizing the opportunities offered by the demographic advantage requires reshaping our country’s economic development beginning at this time," he added. (SunStar Philippines)

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