Presidential aspirant Norberto Gonzales has vowed to highlight the importance of investing in labor or in the people for the economic stability and development of the country.
During Manila Bulletin's "MB Hot Seat," Gonzales said he will explain to the businessmen that labor is not an expense but as an asset.
That is what he called the social democratic formula of economy, which he plans to introduce if elected in the highest position in the country.
"Sa atin, hindi ikini-consider that part of the engine of the economic growth...satin ang ating labor (We don't consider labor as part of the engine of the economic growth)," he said.
"Mali yun eh. Dapat kailangan, 'yung labor natin asset, kasi pag hindi ka asset, hindi ka kakaparte sa tubo. Pagka ikaw ay expense, expense kana. Ano pang hahanapin mo? Binayaran ka na eh (That's wrong. We should consider labor as an asset, otherwise we won't include it in our earnings. If you are considered an expense, you are an expense. So what else will you run after since you're already paid?)" he added.
For Gonzales, increasing the cost of labor will strengthen the people's purchasing power, which in turn will strengthen the economic activities as well as consumption for goods and services.
He said it might be hard to explain it to businessmen, but he "will try."
Gonzales, who was former president and economist Gloria Macapagal-Arroyo's national defense chief, said he will consult with the former leader regarding the economy.
In fact, he said, the good economy that the Filipinos are enjoying right now is partly due to Macapagal-Arroyo's administration's efforts.