Binay cites Bloomberg survey on growth

BINMALEY, Pangasinan, Philippines – A survey among economists conducted by Bloomberg showing the Philippines being second to China as the fastest-growing economy in the world this year, will hopefully boost investor confidence in the country, Vice President Jejomar Binay said yesterday.

In a speech as special guest during the inauguration of the world-class Manpower Development and Training Center here, Binay said:  “In fact, Bloomberg’s survey says the Philippines and China will be the only two economies out of 57 included in the report that will grow six percent or more this year.”

He said “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 in this year.”

He added that the Asean Integration will see the free exchange of goods and services, investment and capital, and skilled labor across Asean – a recognition that, indeed, there is strength in numbers.

“Our success as a bloc can then only bode well for all the citizens of the nations involved,” he said.

He, however, stressed 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,” he said.

Binay said the challenge then lies in how members of the workforce can take advantage of the looming changes in the horizon not only for the betterment of themselves and their families, but also of the nation as a whole.