OPINION | Driving recovery with PPPs and a robust manufacturing sector By Victor Andres C. Manhit READ:
Thinking Beyond PoliticsA new year is always cause for celebration. It makes us look forward to many things, but it also reminds us to make good use of the lessons we learned in the past.
Under the new administration of President Ferdinand Marcos, Jr., however, there appears to be a renewed and sustained interest by the government in partnering with the private sector. This is crucial since while we are seeing the first few signs of recovery from the ravages of the pandemic, the situation remains volatile. Business sentiment slipped to 23.9% in October 2022 from 26.1% the previous quarter, according to the Bangko Sentral ng Pilipinas.
Meanwhile, a survey undertaken by PwC and the Management Association of the Philippines in September sought tond out what CEOs believe to be factors that would delay the Philippine economy. The top answer of 67% of the chief executives surveyed was corruption. For this to materialize, there need to be serious policy and governance reforms. The government needs to provide greater support to domestic investors via incentives, and to address issues such as the unstable supply and high cost of electricity, and ease of doing business. The latter continues to be difficult and uneven as bureaucratic and regulatory concerns at both the local and national levels could often seem like roadblocks.
We believe that what the NEDA outlined as the six cross-cutting strategies of digitalization, connectivity, leveraging the role of the private sector, “servicication,” technology, innovation, and the inclusion of local governments as an equal in the country’s development agenda would do much to advance the entire economy.
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