POLICY reforms of the next administration should focus on curbing corruption and human-capital development, an executive of the European Chamber of Commerce of the Philippines (ECCP) said.
The chamber’s president Lars Wittig said a transparent government that upholds public trust is important in attracting investors. In a briefing, he shared that “Denmark has the least corruption in the world, and I’ve seen first-hand how it benefits business. Because when there is a very high trust level and transparency, that really makes business very adaptable and very willing to make investments.”
Wittig explained the Philippines will attract more investors if its government increases its spending on human-capital development by allocating a higher budget for education and nutrition: “We are spending less money of our GDP [gross domestic product] on education.”
The ECCP executive said the country’s spending on education based on the percentage of the economy is relatively low compared to other developing countries.
“And finally, nutrition. Very basic, but [it is one of the biggest hurdles in this country to ensure higher likelihood of a productive life from…50 to 65 years],” he added.
Wittig said the next administration should strive for inclusive growth and address poverty to enable Filipinos to afford better nutrition: “It’s the ability to pay money for the right food—not just food, for your children and yourself.”
He also supports new reforms that will improve the country’s agriculture, as a large population of the poor is working in this sector. Kris Krismundo/PNA
Image credits: PNA
