Pacquiao to prioritize boosting country’s GDP to revive economy

Presidential candidate and Senator Manny Pacquiao said Saturday he would prioritize improving the country’s gross domestic product (GDP) to speed up the recovery of the economy should he win the May 9 polls.

During the Commission on Elections’ (Comelec) PiliPinas Debates 2022, Pacquaio explained that GDP has four elements: consumption, investment, government spending, and net export.

“‘Pag sinabi mong consumption, kailangan ‘yung production po, enough ‘yung production natin. ‘Yung production na hindi tayo nagi-import,” he said.

(When you say consumption, we need enough production.  The production should be enough that we don’t need to import.)

For the investment, he said his administration will pay investors from other countries and give zero interest to micro, small, and medium enterprises (MSMEs) so they could start up their own businesses and generate more jobs for fellow Filipinos.

“Higit sa lahat, para mabigyan talaga ang milyon-milyong Pilipino ng trabaho, palakasin po natin ang ating micro, small, and medium enterprises. Papautangin natin ‘yung mga maliliit na negosyante ng zero interest para makapag-put up sila, makapag-start sila ng business nila,” he added.

(Above all, to really provide jobs for millions of Filipinos, let us strengthen our micro, small, and medium enterprises. We will lend to small entrepreneurs with zero interest so that they can put up or start their own businesses.)

The Commission on Audit (COA) earlier reported that a total of P4.99 billion or 54.96% of the released budget under the Bayanihan to Recover as One Act (Bayanihan 2) to supposedly aid the MSMEs was unutilized as of June 2021.

An average of 73.1% of MSMEs were said to be forced to close their businesses due to the implementation of the strictest enhanced community quarantine amid the pandemic, per an Asian Development Bank (ADB) survey.

For government spending, Pacquiao pointed out that the government should spend accordingly and allocate budget for projects that are conducive and in line with the goal of economic development.

“Pang-apat po ‘yung net export. Kailangan enough ‘yung supply natin at tayo ay makinabang sa pag-export pa natin ng mga goods natin para maipagmalaki natin ang ating bansa,” he added.

(The fourth is net exports. We need enough supply and we also need to benefit from the export of our goods so that we can be proud of our country.)—AOL, GMA News