By Genalyn Kabiling
To help reach the country’s full-year economic growth target, the government is planning to hold more investment road shows to attract potential job-generating investors to the country.
Presidential Communications Secretary Martin Andanar said they intend to further enhance a business-friendly environment, particularly combat red tape in the bureaucracy, to entice investors into the country.
Andanar made the remarks after welcoming the 6.2 percent economic growth rate posted in the third quarter of the year.
“The Duterte administration is determined and committed in reaching our economic growth target expansion of between 6.0% and 7.0% this year. We will continue to foster an environment primed for investments, and reduce the remaining corruption and red tape in government agencies,” he said.
“We will also continue to boost our investment road shows and promote the Philippines’ favorable economic climate to attract investors both foreign and domestic,” he added.
The country’s gross domestic product grew 6.2 percent from July to September, breaking the two quarters of slowdown. The economic rebound has reportedly been driven by the growth in the agriculture and services sectors.
Andanar said they recognize the faster expansion of the local economy in the third quarter. He attributed the latest fiscal growth to the aggressive “Build, Build, Build” infrastructure program “as seen by the uptick in government spending.”
He said the government’s effective economic reforms are expected to facilitate comfortable life for Filipinos “for the medium and long term.”