BUILD BUILD BUILD TO SPUR ECONOMY
The government is banking on its “Build, Build, Build” infra program to spur the recovery of the economy as it would create jobs, stimulate growth and boost domestic consumption.
This is the best way to revive the economy, Finance Secretary Carlos Dominguez III said citing the multiplier effect of raising income, stimulating demand and generating new jobs and businesses that will arise from the infra push.
Aside from reviving the economy, the infra program will fix the country’s weak infrastructure and logistics network, which has driven up production and operational costs for investors.
Acting Socio Economic Planning Secretary Karl Kendrick Chua shared Dominguez’s view as he cited that the problem facing the nation now is liquidity because people have not worked.
They have no cash and are therefore, illiquid. And when you have no cash, you don’t buy things. And when you don’t buy things, people don’t manufacture these things. So it’s a vicious circle,” Dominguez said during a recent virtual press briefing.
“So the way you break it is you create employment so that people can receive cash, so that they will be confident to be able to start purchasing things again. And when they do that, the companies, the manufacturers, will also start up and provide jobs,” he added. #COVID19PH