Senator Ferdinand “Bongbong” R. Marcos, Jr. said the country’s poor would feel their lot isn’t improving unless the government pours in more public investments to generate jobs and encourage more economic activities.
Marcos aired the call following the release of the Dec. 11-16, 2013 survey of the Social Weather Stations (SWS), which showed an increase in the number of Filipinos considering themselves as “mahirap” or poor.
“The reason why our economic growth has not trickled down to the poor is because it’s purely consumer driven, fuelled mostly by the remittances of our OFWs (Overseas Filipino Workers), so ang yumayaman ang mga malls, ang mga tindahan and some services,” Marcos noted.
And despite the numbers indicating a robust Philippine economy, Marcos noted that there are no new industries being put or new capital investments coming in the country.
The Fourth Quarter 2013 SWS survey found that 55% (estimated 11.8 million) of families consider themselves as “mahirap” or poor. This is 5 points above the 50% (estimated 10.8 million) that considered themselves poor in September 2013, and 3 points above the 52% four-quarter average of 2013.
Marcos also noted reports that foreign portfolio investments (FPI), also known as “hot” money, showed a net outflow of about $353.63 million from December 9 to 13, 2013 alone, sparked by positive reports that the US grew stronger in its path to full economic recovery.
“We have to make public investments so that our economy is not dependent upon this very volatile type of investment. We need foreign direct investments, we need capital investments--that’s the key to real development,” Marcos stressed.
“And the government need not think hard on what areas to spend on. It’s still schools, it’s still roads, it’s still telecommunications, it’s still power, hindi naman nababago yan eh,” he added.