The Duterte administration was asked to step up efforts to frontload key economic reforms, even as the Philippines got a good rating in the latest Competitiveness Report.
Sen. Sherwin T. Gatchalian, chairman of the Senate Committee on Economic Affairs, cited the country’s improved ranking in the 2019 Institute for Management Development (IMD) Competitiveness Report as “a testament that the Duterte administration is on the right track in terms of achieving sustainable growth, generating jobs and, ultimately, increasing the welfare of its citizens.”
In a news statement, Gatchalian noted that out of the 63 economies evaluated, the Philippines’s ranking climbed four notches this year to 46th, from the 50th spot last year.
Still, the senator suggested that the Duterte administration should “not rest on its laurels just yet.”
He pointed out the report also indicated that the Philippines ranks second to the last among 13 Asia-Pacific countries, “with our slow investment in physical infrastructure and inadequate investment in human capital being cited as some of the stumbling blocks standing in the way of increased competitiveness.”
Gatchalian asserted it is “high time for the [Duterte] government to prioritize key economic bills,” citing the Innovation Bill and the Public Service Act amendments, noting that both measures aim to promote innovation and provide benefits to start-up and micro, small and medium enterprises.
In batting for early passage of the two measures, the senator had projected that both the Innovation Bill and updating the Public Service Act boost the current investment regime and “make it more adaptable to global business demands and trends.”
At the same time, he added that enactment into law of the higher Tobacco Tax Bill was likewise seen to be “beneficial in terms of promoting better health for our people.”