Policy reforms of the next administration should focus on curbing corruption and human capital development, an executive of the European Chamber of Commerce of the Philippines (ECCP) said.
ECCP president Lars Wittig said a transparent government that upholds public trust is important in attracting investors.
“Denmark has the least corruption in the world, and I’ve seen first-hand how it benefits business. Because when there is a very high trust level and transparency, that really makes business very adaptable and very willing to make investments,” he said in a briefing Monday.
The Philippines will lure more investors if the government increases its spending on human capital development through allocating a higher budget for education and nutrition, Wittig said.
“We are spending less money of our GDP (gross domestic product) on education,” he added.
Wittig said the country’s spending on education based on the percentage of the economy is relatively low compared to other developing countries.
“And finally, nutrition. It sounds very basic, but nutrition is one of the biggest hurdles in this country to ensure higher likelihood of a productive life from your 50 to 65 (years),” he said.
The ECCP executive said the next administration should bat for inclusive growth and address poverty to enable Filipinos to afford better nutrition.
“It’s the ability to pay money for the right food, not just food, for your children and yourself,” Wittig said. He also supports new reforms that will improve the country’s agriculture sector as a large population of the poor is working in this sector.*PNA
