Senate minority leader Alan Peter Cayetano urged the Aquino administration to comprehensively address four (4) key problematic areas plaguing our business sector in order to strive for economic development along side its established goal of achieving good governance.
The senator pointed out that peace and order, infrastructure deficiency, good governance and the price of electricity were identified by businessmen as key areas that need to be addressed in order for the country to attain economic development.
“Basically, we need to jumpstart the country’s economic program. Why not focus more on those (4) key problematic areas plaguing our businessmen?” he said.
Cayetano reiterated that in addressing our country’s problems, the government needs to balance its attention to both the economic side and the good governance side.
He also called on the Malacanang to clearly explain the economic program of the Aquino administration, or what has been referred to as “Aquino-nomics”.
“When they had Reagonomics in the US, for example, they had very specific economic theories regarding their stand on taxes and government spending. That is what is lacking in the government’s economic program now,” he said.
Cayetano also suggested that it would be best if the administration were to come up with a more detailed policy on further borrowings to address the country’s foreign debt crisis.
“With what’s happening in the US, one of the richest countries and now they talk you about a debt default would show us that debt is something to be addressed right away and not to be taken for granted,” he added.
The senator reiterated the need for a very clear debt policy that also involves the policy on further borrowings. This, he said, should have a clear cut outline of what can and will be borrowed and where this will be used.
He added that the lack of this kind of policy leads to the wastage of further borrowings due to the prevalence of graft and corruption in our system.
The minority leader noted that the National Economic Development Authority (NEDA) may be assigned as a clearing house but stressed that achieving increased transparency has to take precedence over other plans regarding the issue of foreign debt.