Private Sector Can Spur Inclusive Economic Growth

Manila Bulletin, June 22, 2013 | Go to article overview

Private Sector Can Spur Inclusive Economic Growth


The private sector is an integral part in the country's plan for inclusive growth, according to the League of Corporate Foundations (LCF). LCF is a membership association composed of over 70 corporate foundations and corporations that promotes and enhances the strategic practice of corporate social responsibility (CSR) among its members and the larger business community towards sustained national development.

The league is advocating a holistic approach involving several focus areas, namely, arts and culture, health, education, enterprise development, and environment. "In its essence, it is growth that benefits the entire Filipino population, not just a select few, regardless of social status, without leaving anyone behind," said Augusto Carpio III, chairperson of LCF.

Asian Development Bank (ADB) senior country economist Norio Usui says it is crucial to strengthen the country's industrial base to benefit those with different educational backgrounds. According to Usui, growth can be inclusive if it can create productive jobs, expand access to education and health, and build strong social safety nets. The private sector is therefore key to reducing poverty and helping vulnerable groups because of its resources, network, and their ability to provide jobs.

The government plans to address poverty reduction in the 2014 budget, which will focus on inclusive growth. …

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