Vice President Jejomar C. Binay bared a survey of economists conducted by Bloomberg that the Philippines will be the second fastest-growing economy in the world this year, next to China.
Binay said during the inauguration of the Binmaley Manpower Development Center (BMDC) the Bloomberg’s survey identified the Philippines and China as the only two economies, out of 57 included in the report, that will grow at a rate of 6 percent or faster this year.
“This is certainly good news for us, one that will hopefully boost investor confidence in our country, especially given its impending integration with our neighbors in the Southeast Asian region this year,” Binay said.
The Asean integration will see the free exchange of goods and services, investment and capital, and skilled labor across the region—a recognition that, indeed, there is strength in numbers, he said.
“Our success as a bloc can then only bode well for all the citizens of the nations involved,” he added, as he congratulated Binmaley Mayor Simplicio Rosario for the construction of the town’s world-class BMDC.
He said: “Let me stress, however, that while job creation remains a key consideration for inclusive growth, we should not be content with just the quantity of jobs. As essential is the quality of employment that must come with them, and that will give rise to opportunities for upward mobility between economic classes.”
Binay said the challenge then lies on how members of the work force can take advantage of the looming changes, not only for the betterment of themselves and their families, but also of the nation as a whole.
While in Binmaley, Binay and Rosario led the groundbreaking rites for the 3-hectare Binmaley Resettlement Project in Barangay Papagueyan, which will be developed as housing project for residents of disaster-prone areas.
He said the National Housing Authority is set to release P8 million for site development of the project.
PNA