'Dutertenomics' unveiled as Philippines moves to sustain growth

Dharel Placido, ABS-CBN News

Posted at Apr 18 2017 01:46 PM | Updated as of Apr 18 2017 07:36 PM

MANILA - President Rodrigo Duterte's economic team will unveil on Tuesday "Dutertenomics," his blueprint to sustain the momentum of one of Asia's fastest growing economies.

Duterte, who assumed power in June last year, earlier laid out a 10-point agenda to reduce poverty, create more jobs, spur growth in the provinces, and rebuild the country's infrastructure.

The first president from Mindanao also promised to transform the Philippines into a "high middle-income" economy.

“We do not intend to fail in meeting the challenges of this time,” Finance Secretary Carlos Dominguez said.

Dominguez said the Philippines must take advantage of the “happy conjuncture” of low interest rates, market liquidity, benign oil prices, strong support from Japan and China, investment grade ratings, and a young population.

“This is the time to move decisively. Fortunately, we have a leader, capable of much audacity. We have a leader of vision and intense love of country.”

“All the favorable factors are present. It is time now for a breakout,” he said.

Duterte's predecessor, Benigno Aquino, made fighting corruption the centerpiece of "Aquinomics," wherein former president Gloria Arroyo was jailed on plunder charges that were later dismissed.

While growth under Aquino picked up to the 7-percent level, it was criticized for not being felt by the poor.

Gross domestic product grew 6.9 percent in 2016 and the World Bank predicted that the economy would grow at the same pace this year and next.