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Legarda Expresses Support for President Duterte’s 10-Point Economic Agenda

July 25, 2016

Senator Loren Legarda today expressed her support for President Rodrigo Duterte’s Ten-Point Economic Agenda and said that she has filed several proposed measures that would complement the President’s plan of action.

Legarda, Chair of the Senate Committee on Finance in the 16th Congress, welcomed the administration’s pronouncement that it will maintain current macroeconomic policies.

“I commend the new administration for not reinventing the wheel because we already have a lot of good policies and programs. We just have to improve on them and strengthen implementation. Our sound macroeconomic fundamentals have brought about steady growth in the last several years. It makes sense for the new administration to adopt and maintain them,” said Legarda.

The Senator also said it is important to accelerate annual infrastructure spending.

“This is very important but we have to make sure that environmental laws are complied with in building roads and infrastructure. I will support a national budget that embodies this acceleration. Also, we have to attain a healthy balance between building infrastructure and the proper use of government funds,” she explained.

Legarda also cited the President’s plan to strengthen social protection programs such as the Conditional Cash Transfer (CCT) program; enhance agricultural and rural enterprise productivity and rural tourism; invest in human capital development, and match skills and training; and promote science, technology, and the creative arts to enhance innovation and creative capacity.

“The rural poor—our farmers, fisherfolk, indigenous peoples among others—have been neglected and marginalized for too long. It’s time to prioritize them and their needs and aspirations. We also have to ensure adequate funding for science, technology and creative arts. This is not only good for the soul and the national culture, but also for our economy. Creation and innovation are the key towards real and sustained growth as shown by leading economies,” said Legarda.

She added that she will support the reforms needed to make the CCT program more transparent, accountable and effective.

Legarda has filed Senate Bill No. 33, institutionalizing the CCT, also known as the Pantawid Pamilyang Pilipino Program (4Ps), so that it becomes a long term intervention to reduce poverty rates nationwide and empower the youth through education and nutrition.

President Duterte’s economic team presented the following Ten-Point Economic Agenda:

1. Continue and maintain current macroeconomic policies, including fiscal, monetary, and trade policies.
2. Institute progressive tax reform and more effective tax collection, indexing taxes to inflation.
3. Increase competitiveness and the ease of doing business.
4. Accelerate annual infrastructure spending to account for 5% of GDP, with Public-Private Partnerships playing a key role.
5. Promote rural and value chain development toward increasing agricultural and rural enterprise productivity and rural tourism.
6. Ensure security of land tenure to encourage investments, and address bottlenecks in land management and titling agencies.
7. Invest in human capital development, including health and education systems, and match skills and training.
8. Promote science, technology, and the creative arts to enhance innovation and creative capacity.
9. Improve social protection programs, including the government’s Conditional Cash Transfer program.
10. Strengthen implementation of the Responsible Parenthood and Reproductive Health Law