DuterteNomics

DuterteNomics logo

DuterteNomics is a catch-all term referring to the socioeconomic policies of President Rodrigo Duterte. A significant part of the policy includes the development of infrastructure and industries.[1]

Background

Finance secretary Carlos Dominguez has said that the government required what he describes as an "audacious" economic strategy in order for the Philippines to "catch up with its more vibrant neighbors" by 2022 and help it achieve high-income economy status within a generation. The term DuterteNomics was coined to describe the economic policy of the Duterte administration. The term also refers to the series of forums where Duterte's economic team pitches the administration's plan to help the country become a high-middle-income economy by 2022.[2]

The policy was unveiled on April 18, 2017, by the Department of Finance and the Presidential Communications Operations Office (PCOO), in cooperation with the Center for Strategy, Enterprise and Intelligence (CenSEI) in a forum held at Conrad Manila in Pasay. A second forum was held on April 25, 2017.[2]

DuterteNomics was also pitched abroad, particularly at the 2017 World Economic Forum on the Association of Southeast Asian Nations in Cambodia and at the sidelines of the 2017 One Belt One Road Forum for International Cooperation in Beijing, China.[2]

Ten-point agenda

The economics team of then President-elect Rodrigo Duterte presented the following points of Duterte's socioeconomic policy in a business forum in Davao on June 2016.[3] DuterteNomics is anchored on these ten principles.[2]

  1. Continue and maintain current macroeconomic policies, including fiscal, monetary, and trade policies.
  2. Institute progressive tax reform and more effective tax collection, indexing taxes to inflation.
  3. Increase competitiveness and the ease of doing business.
  4. Accelerate annual infrastructure spending to account for 5% of GDP, with Public-Private Partnerships playing a key role.
  5. Promote rural and value chain development toward increasing agricultural and rural enterprise productivity and rural tourism.
  6. Ensure security of land tenure to encourage investments, and address bottlenecks in land management and titling agencies.
  7. Invest in human capital development, including health and education systems, and match skills and training.
  8. Promote science, technology, and the creative arts to enhance innovation and creative capacity.
  9. Improve social protection programs, including the government's Conditional Cash Transfer program.
  10. Strengthen implementation of the Responsible Parenthood and Reproductive Health Law.

Build! Build! Build! Infrastructure Plan

Part of DuterteNomics is the Build! Build! Build! Infrastructure Plan which according to the administration will usher in the "Golden Age of Infrastructure". The goals of the program are to reduce poverty, encourage economic growth and reduce congestion in Metro Manila.[4]

Associated projects

Railways
Roads
Airports
  • Kaliwa Dam[16]
  • Cavite Industrial Area Flood Risk Management[16]
  • Leyte Tide Embankment[12]
  • Lower Agno River Irrigation System Improvement Project[10]
  • Rio Grande de Mindanao[7]

Economic outlook

On October 2018, the World Bank downgraded the economic outlook of the Philippines for 2018, but expects it to remain strong.[17] FMIC and UA&P expect the economy to improve in the second half of 2018.[18]

Inflation rate

In May 2018, the inflation rate of the Philippines reached 4.6%.[19] In June 2018, within less than a month, the inflation rate increased 5.2%.[20] In August, 2018, under the DuterteNomics policy, the inflation rate of the country hit 6.4%, a nine-year high, causing ripples to the Philippine economy and diminishing the strength of the Philippine peso.[21][22] In October 2018, the inflation rate skyrocketed to 6.7%, its highest in a decade.[23]

Income status

Economic managers predict the accession of the Philippine economy to upper-middle-income status by 2019, citing massive infrastructure spending and robust growth, despite increasing inflation rates.[24][25][26]

See also

References

  1. ↑ "Home". Build!. Retrieved 28 June 2017.
  2. 1 2 3 4 "TIMELINE for Duterte's economic agenda". The Manila Times. 29 May 2017. Retrieved 28 June 2017.
  3. ↑ Macas, Trisha (20 June 2016). "Duterte's economic team reveals 10-point socioeconomic agenda". GMA News. DVM, GMA News. Retrieved 28 June 2017.
  4. ↑ "DuterteNomics unveiled". Presidential Communications Operations Office. 19 April 2017. Retrieved 28 June 2017.
  5. ↑ Rosario, Ben (12 May 2017). "P300-B subway project planned in Dutertenomics". Manila Bulletin. Retrieved 28 June 2017.
  6. 1 2 3 4 Vera, Ben O. de. "34 of 75 flagship infra projects to start in '18". Retrieved 2018-05-30.
  7. 1 2 "Sign of tangible progress in 'Build, Build, Build' - The Manila Times Online". www.manilatimes.net. Retrieved 2018-08-04.
  8. ↑ Bagaforo, Nelson C. (2017-06-26). "Mindanao railway project gets support". SunStar. Retrieved 2017-09-03.
  9. ↑ "DOTr: Then and now". Manila Bulletin News. Retrieved 2018-05-30.
  10. 1 2 News, Michelle Ong, ABS-CBN. "12 to 15 major infra projects to roll out in 2018, says NEDA". ABS-CBN News. Retrieved 2018-05-30.
  11. 1 2 3 4 Kabiling, Genalyn (13 May 2017). "China plans construction of 5 infrastructure projects". Manila Bulletin. Retrieved 28 June 2017.
  12. 1 2 3 4 5 6 7 "What is 'Build, Build, Build'?". Manila Bulletin News. Retrieved 2018-05-30.
  13. 1 2 3 4 5 6 7 8 9 10 11 Admin. "WATCH: Luzon Spine Expressway Network is Duterte's P107-billion traffic decongestion plan". The Summit Express. Retrieved 2018-08-25.
  14. ↑ "SMC's South East Metro Manila Expressway project begins". Inquirer. Retrieved 2018-01-08.
  15. ↑ "Metro Manila Subway leads expected infra buildup in 2018". Rappler. Retrieved 2017-12-28.
  16. 1 2 "NEDA eyes 6 big infra project rollouts, 8% GDP growth in 2018". Rappler. Retrieved 2017-12-28.
  17. ↑ https://www.rappler.com/business/213492-world-bank-2018-economic-outlook-philippines
  18. ↑ "FMIC, UA&P: Philippine economy may 'rebound' in H2, but not without 'bumps' | Philstar.com". philstar.com. Retrieved 2018-10-12.
  19. ↑ https://www.rappler.com/business/204113-inflation-rate-philippines-may-2018
  20. ↑ https://www.rappler.com/business/206518-inflation-rate-philippines-june-2018
  21. ↑ https://www.rappler.com/business/211176-inflation-rate-philippines-august-2018
  22. ↑ https://www.rappler.com/business/211176-inflation-rate-philippines-august-2018
  23. ↑ https://www.rappler.com/business/213554-inflation-rate-philippines-september-2018
  24. ↑ "Philippines set to become upper middle-income economy by 2019". Manila Standard. Retrieved 2018-10-12.
  25. ↑ "Philippines to become upper-middle income country by 2019 – Pernia". Rappler. Retrieved 2018-10-12.
  26. ↑ News, ABS-CBN. "PH to be upper-middle income country in 2019, Pernia says". ABS-CBN News. Retrieved 2018-10-12.
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