Noted economist and former Finance Secretary Margarito “Gary” Teves who, until today, is a much sought-after media source, believes that a growth of 6.3 percent in the country’s economy from four years ago, may not be enough to bring back millions of overseas Filipino workers (OFW) to find work in the country.
Teves gave this statement as a reaction to the pronouncement of the business sector that OFW who “wish to work or start their own business in the country could capitalize on the vast potential of the tourism and agriculture sectors.”
In a recent article published in the Philippine Star, the Employers Confederation of the Philippines (ECOP) “urged the administration to make a strong push towards enticing many OFW to return and work in the Philippines.”
Teves, who was former president of the Land Bank of the Philippines and an internationally awarded and recognized economist, believes that a 7-8 percent growth in the gross domestic product (GDP) per annum is needed to create more opportunities for Filipinos, including OFW who may decide to come home.
“Being an OFW should be a matter of choice, not a necessity. Government must provide employment opportunities within the country for all Filipinos,” Teves, who hails from Negros Oriental, stressed. Aside from tourism and agriculture, government must endeavor to develop the manufacturing and export sectors to generate more jobs in the country, reduce poverty, and attain more inclusive growth sooner.
The article continued that “several reforms still need to be implemented, such as the opening up of the economy to foreign companies; addressing infrastructure problems, e.g. traffic, defective and unreliable mass transport system, slow Internet, and seaports and airports; and honoring of contracts.” A call has actually been made by business groups that are part of the Joint Foreign Chambers to push for amendments in the Constitution’s economic provisions. “Administration will need to emphasize that it will prioritize amending the economic provisions, which is key to attracting more investments that will help alleviate poverty in the Philippines,” opined Teves.
In addition, Teves continued, “It is important that the next President of the country will likewise honor the sanctity of contracts and close the infrastructure gap to make the Philippines more conducive for foreign business and investments.”
The article further noted that “the progress the Philippines achieved in recent years has made it easier to attract European countries to do business in the country.” Teves emphasized that this scenario must be taken advantage by implementing the suggested reforms.
“In order to execute properly and efficiently the suggested reforms, close monitoring of projects and programs has to be done periodically. This way, it will allow the economy to grow faster and provide more and better employment opportunities to the labor force,” countered Teves, reiterating that only then can we entice our OFW to come home and work here. | NWI
