Drilon: Congress to sustain momentum of economic growth
MANILA, Philippines—With the country gaining headway on economic progress with improvements on the gross domestic product, Senate President Franklin Drilon said on Friday that Congress would play a key role in maintaining the momentum.
Drilon vowed that Congress as a whole would work on legislation and policies that would improve investments in agriculture, tourism, services and construction which would promote further growth.
“The challenge is upon the Senate, along with other, leading institutions, to pass legislation which will further fuel the economy, and more importantly, ensure the development is felt in all corners,” Drilon said in a statement.
“That means more jobs, better basic services, improved public infrastructures, among others.”
The National Economic Development Authority recently announced that the Philippines posted a 7.2 percent growth in the GDP, which surpassed the country’s target of six to seven percent, second only to China.
Drilon looked at the report as a “continuing sign of the country’s improved economic policies under the Aquino administration,” but stressed that the figure “needs to be sustained and be utilized to bring forth positive changes to the life of the common Filipino.”
“There is so much work to do, especially in making our country much more competitive in terms of foreign investments, while at the same time making local industries stronger and better suited to participate in competition even against international rivals,” he said.
To address the issue, Drilon said that the Senate considered the rationalization of fiscal incentives to mining, the amendment of the cabotage law, and amendments to the Bangko Sentral ng Pilipinas charter, and measures to attract more foreign direct investments.
“We have to help the government sustain this economic momentum that was elusive for so many years, for this is the kind of growth that will eventually present us an array of opportunities in the years to come.”
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