Political strategies

Holistic Strategies for Good Governance and Prosperity

VeniceIsabelle Ranosa – Philstar.com

November 12, 2022 | 10:56

A nation’s long-term prosperity can only be achieved through a holistic strategy where all stakeholders have valuable input that leaves no one behind. This essentially summarizes the course of action needed to resolve the paradoxes of Filipino society today.

As the Philippine Statistics Authority (PSA) just announced that the economy grew by 7.6% in the third quarter of 2022, faster than the 7.5% recorded in the previous quarter, Filipinos on the ground continue to face economic challenges, particularly in a context of high inflation. Specifically, based on the latest Consumer Expectations Survey from Bangko Sentral ng Pilipinas (BSP), consumer outlook has become even more pessimistic in Q3 2022 as consumers remain concerned about the faster rise in property prices and rising household spending, low income, and fewer available jobs and working family members.

Moreover, a survey conducted by Pulse Asia Research Inc. in September 2022 found that controlling inflation, increasing workers’ wages, creating jobs and reducing poverty were the most important national concerns. emergencies identified by the population. Landing in fifth place was fighting corruption and corruption in government.

Indeed, Filipinos are aware of the economic consequences of corruption in the country. A survey commissioned by Stratbase Group from Pulse Asia Research Inc. in September 2022 found that the two main areas that Filipinos believe will result from controlling corruption are economic recovery and development, and betterment. ordinary citizens.

The same survey revealed that the majority of Filipinos, at 91%, agree that the government should cooperate with different groups – such as civil society, the private sector, academia, the media and ordinary citizens – in order to effectively control the corruption.

These sentiments are not only felt by ordinary Filipinos, but are also shared by the business community. According to the 2022 CEO Survey of PwC Philippines and the Management Association of the Philippines (MAP), 67% of business leaders identified corruption as the biggest factor that will delay the country’s economic recovery. Therefore, accountability and transparency, fighting corruption and attracting more foreign investment were specified by the CEOs as the three main areas that must be priorities for the new administration.

Indeed, corruption erodes public trust. But the biggest impact is the economic costs, which can hamper the country’s growth and its ability to reach its full potential over the long term.

On the one hand, the irresponsible use of public funds deprives deserving sectors of the resources they need. Additionally, investors prefer to conduct their business in a stable and predictable environment where the government adheres to the rule of law. Unscrupulous and fraudulent acts scare off investors and prevent the country from further investment, which could have contributed to job creation, poverty reduction and national development.

A Pulse Asia survey commissioned by Stratbase ADR Institute in September 2022 also showed that 86% of Filipinos believe the private sector plays a crucial role in accelerating economic growth. 89% also believe government and the private sector should form partnerships to support economic recovery.

Key opportunities for governance reform and private sector engagement to address development challenges under the new administration will be discussed at the Stratbase ADR Institute’s Pilipinas 2022 Conference, to be held November 21-22, 2022 at the Ayala Museum in Makati City. The first day’s morning session, titled “Governance and the Private Sector: Charting Pathways to Inclusive Development”, will bring together thought leaders and policy experts to share their insights on how the responsible use of government resources plays a vital role in controlling corruption. , which can promote the country’s recovery.

The keynote speaker for the event will be Department of Budget and Management (DBM) Secretary Amenah Pangandaman, who is expected to dive deeper into the benefits of open governments as well as DBM’s digitization efforts.

The main drivers of development are the citizens. We must empower our people to be productive members of society. The engine of the economy is consumption. What drives consumption is the level of income from the jobs and livelihoods of the productive population. The government must therefore create the ideal investment environment for the private sector to generate quality jobs and entrepreneurial opportunities.

When complemented by a skilled and healthy workforce at a time when we are at the demographic sweet spot, government and the private sector must align in a united push to convert this potential into real speed. and accelerated inclusive growth and prosperity.

The bottom line is that good governance is essential to long-term development, which can be enhanced through transparency and accountability, citizen participation and the rule of law.

As the new administration faces the daunting task of dealing with a host of complex issues amplified by the COVID-19 pandemic and other external risks – including social inequality, poverty, unemployment and high inflation – an opportunity for multi-sectoral collaboration presents itself, which is perhaps the most practical solution to alleviate the persistent problems that continue to plague the nation.

Venice Isabelle Rañosa is research director at the think tank Stratbase ADR Institute.