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Friday, March 29, 2024

Growth fails to uplift poor

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Incoming Economic Planning Secretary Ernesto Pernia said Thursday he will ask the Philippine Statistics Authority to have more economic metrics measuring the impact of growth on the lives of Filipino people.

Pernia, who was tapped by President-elect Rodrigo Duterte as the director-general of the National Economic Development Authority, cited the need for metrics on how economic growth was distributed to different income groups and across regions.

“I will have to ask the Philippine Statistics Authority to have new metrics. We see the need for innovative statistics that will explain why we have high GDP growth when it is not trickling down [to the masses],” Pernia said during a joint meeting between Makati Business Club and Philippine-US Business Council at Manila Peninsula Hotel in Makati City.

He said the blue economy, referring to the Philippine marine ecosystem, also deserved to have separate statistics that would give guidance on how the economy should be managed in connection with poverty-alleviating measures.

The blue economy or water-based economy could be larger than land-based economy in terms of opportunities for growth, as the former accounts for about 70 percent of the entire Philippine territory, he said.

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