We cannot deny that the latest economic numbers boost investor interest in our economy.
Lower inflation due to lower rice prices have taken effect, and this in part boosts consumption that has kept our growth strong at 6.2%.
Our strong consumption is what will keep our growth humming, while other countries have lowered their forecasts. This strong consumption will attract more investors, since having fewer options in other weaker markets, they will flock to the one where they can generate good returns. Businesses will therefore go where consumption is high, because thats where business is good.
As wise people always say, a big population is good when they all have money- that makes a good economy. Does it seem this way for us? Looks like it.
Local consumption is one of the key elements for continuous growth amid the global economy hurting from a slowdown. You will have to raise your spending capacities to consume what you produce. This is what will drive our growth and employment and attract investors.
But we also need to be blunt about the fact that there are those who still believe that the economy, which includes you and me, needs to fail to justify their political ends.
That exactly, is an elitist way if looking at our growth… if it is not politically ours then it should be allowed.
This elitist behavior has persisted throughout history from the the Katipunan to the post EDSA era, elite prescriptions have always had the final say on what is good, right and true, at the expense of, and the detriment of others.
This elitism has allowed unequal economic growth to persist despite good topline numbers. We have had high growth that was not inclusive. Just look at our GDP figures across the regions. The areas surrounding the capital have per capita incomes equal to Thailand, while the Visayas and Mindanao residents earn about half, even less, on average every year.
Even so called alternative views espoused by some quarters are actually rehashed western centric ideals repackaged to suit the audience in the developing world.
Its time to assert our growth.
Grassroots organizations should take advantage of reforms such as the Innovation Law and the Start up act, reforms to the corporation code allowing one person corporations. These are measures to allow better organization of capital.
Local business groups, especially in regions with high growth rates should also push for direct trade ties with foreign counterparts. The better we are at this, the more our own growth is sustained. With technology available to assist constant communication, there are great deals to be made, and businesses to grow.
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