Philippine Economic Society (PES)
The National Economic and Development Authority (NEDA) highlighted the importance of having a strong middle class to achieve the Philippines’ long-term vision of a prosperous, predominantly middle-class society by 2040.
Speaking at the 62nd Philippine Economic Society Conference in Quezon City last Friday, NEDA Secretary Arsenio Balisacan underscored the relevance of policies that support the transition of Filipinos into the middle class and protect them from economic shocks.
“Our first and important step is to address the poverty in the country. Once individuals rise above poverty, we must focus on mitigating their vulnerabilities to risks by enhancing the resiliency of our jobs and other income opportunities to prevent them from falling back into poverty,” Balisacan said.
NEDA Undersecretary Rosemarie Edillon for her part emphasized the holistic set of priorities that the government must focus on.
“To sustain a middle-class living standard, Filipinos need adequate income and substantial savings. The government must continue to implement policies that reduce poverty, keep commodity prices low and stable, increase employment opportunities and improve the employability of Filipinos, as well as build resilience by strengthening social protection,” Edillon said.
Reacting to Edillon’s presentation, World Bank lead economist Gonzalo Varela underscored the necessity of creating quality jobs and promoting higher productivity sectors by reducing barriers to entry, enforcing competition and opening key enabling sectors for faster productivity growth.
Additionally, Varela said reducing trade and investment costs is essential to outward-oriented growth.
“Along with the need to create more opportunities, the Philippines needs to create capabilities by establishing strong human capital and equipping workers with the skills of the future, integrating approaches to fix foundational challenges and preparing for technological disruptions,” Varela said.