‘Inclusiveness key to sustainable growth’

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President Benigno Aquino III tells fellow leaders at the APEC summit why inclusive growth matters

NATION-BUILDING. President Benigno Aquino III delivers his speech at the APEC CEO Summit in Nusa Dua, Bali, Indonesia, October 6, 2013. Photo by EPA/Dennis Sabangan

MANILA, Philippines (UPDATED) – A stable economy is more than just the numbers.

President Benigno Aquino III on Sunday, October 6 arrived in Bali, Indonesia for the Asia Pacific Economic Cooperation (APEC) leaders’ summit.

In his speech at the summit entitled “Why Inclusive Growth Matters,” Aquino pointed out the importance of fostering nation-building in ensuring sustainable economic growth. 

“The challenge for governments has deepened: When in the past we gravitated towards metrics that reflect merely the wealth collectively amassed by an economy, more and more the task of governments has become ensuring that this wealth is not concentrated in the hands of the few, but rather that it is equitably utilized to raise levels of human development,” Aquino said. 

The Philippines grew 7.5% in the second quarter of 2013, the fastest in the region, and achieved its 3rd credit rating upgrade recently. But the President said economic growth should not just be based on strong metrics – it must also be felt by the people, especially the poor. 

“Because so long as a society has reason to clamor for change—whether due to a pervading sense of inequality, injustice, unfairness, or lack of opportunity—it will find ways to do so,” Aquino said. “This, perhaps, offers some insight into the question posed to us today: “Why does inclusive growth matter?” 

Aquino had two answers to this question. First, he said, inclusiveness is vital because it ensures a stable society, which in turn assures sustainable growth. But there is a second “perhaps more important aspect.”

“On top of fostering stability, social inclusiveness also empowers citizens to become bonafide economic actors that can productively contribute to nation-building,” Aquino said. It allows them to buy into the system, from which they can reap benefits.”

In his speech, Aquino highlighted his administration’s conditional cash transfer program, the government’s flagship anti-poverty scheme. 

He also made mention of two landmark laws that were passed in the 15th Congress – the Responsible Parenthood and Reproductive Health Act, which institutionalizes family planning, and the Sin Tax Reform Act, which imposes additional taxes on tobacco and alcohol. 

The APEC summit will be held until Tuesday, October 8. Afterwards, Aquino will head to Brunei for the Association of Southeast Asian Nations (ASEAN) summit, to be held Wednesday and Thursday (October 9 and 10). – Rappler.com

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