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Philippines policymakers push 'Dutertenomics' rebrand, without Duterte

  • Author:Karen Lema, Neil Jerome
  • Source:Investing
  • Release on:2017-04-20
The Philippines re-branded its economic agenda on Tuesday and promised "audacious policymaking" by President Rodrigo Duterte under an ambitious program named "Dutertenomics", showcased at a high-profile event he did not attend.

ministers said the Philippines had lagged its Southeast Asian peers largely due of its dilapidated infrastructure and high taxes, but a big-spending overhaul was underway that would draw investment, create jobs and help rebuild its manufacturing sector.
Finance Secretary Carlos Dominguez praised decisive leadership and said "Dutertenomics" was about creating more public discussion of reform plans and a reaching a "broader base of support".

The move comes as he pushes Congress to pass a tax reform program aimed at attracting businesses and boosting private spending. The Philippines is one of the world fastest growing economies and expanded 6.9 percent in 2016, its quickest pace in three years. The 2017 forecast is the midpoint between 6.5-7.5 percent.

His presidency has so far been defined by a war on drugs that has killed thousands of Filipinos, and profane diatribes against high-profile critics at home and abroad.
His economic chiefs are pinning growth plans on infrastructure works to create jobs, stimulate the economy and attract manufacturers put off by high power prices and poor roads and ports that create transportation bottlenecks that eat into profits.

Dominguez told reporters the infrastructure plan was the only way forward, but it could be derailed if the tax measures were not passed.

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