Speaker Feliciano Belmonte Jr. said the Philippines should shift from a consumption-driven system to a production-driven economy mobilized by long-term investments to realize President Aquino’s “inclusive-growth” agenda and sustain its status as one of Asia’s emerging tigers.

Belmonte pointed out  that despite the Philippines’ impressive GDP growth of 7.8 percent in the first quarter of 2013 and the steady improvement of the country’s global competitiveness rankings which jumped 22 notches since 2009, “more has yet to be done”  to make the country a magnet for foreign investments.

"Our growth rate has even outpaced the rest of Asia. With all these positive developments, we can never be complacent. The work is not yet done," said Belmonte, who is also the honorary chairperson of the NUP.

Speaking recently before the Wallace Business Forum, Belmonte said shifting to a production-driven economy requires long-term, big-ticket investments that are “sustainable, industry-expanding, and job creating."

He noted that despite the Philippines’ better-than-expected economic growth, it  still has the lowest investment-to-GDP ratio, and the lowest share of foreign direct investments compared to its Southeast Asian counterparts.

“We need to maintain macroeconomic stability, while pursuing structural reforms that reduce risks and increase returns on investments," Belmonte said.

One key reform that the government is now pursuing under the Aquino administration is the adoption of a prudent fiscal policy that would enable it to contain the budget deficit and reduce the country’s outstanding debts, he pointed out.

"Together with the effective management of our monetary aggregates by the Bangko Sentral ng Pilipinas, we kept our inflation rates low, built up healthy foreign exchange reserves, and stabilized our exchange rate," Belmonte said.

The Speaker said one of the factors contributing to the success of the  Aquino administration’s determined efforts to pursue institutional reforms is the business sector’s continuing and growing support that allowed the previous Congress to pass “game-changing” laws.

These include, among others, the overhaul of the appropriations process, which created the "habit of promptly enacting transparent and responsive national budgets; the first ever Reproductive Health Law; and the Sin Tax Law, which for about 15 years languished in the dust bin of the legislative process,” the Speaker noted.

"The overarching truth that will thread together all reforms is - and will always be - good governance. Unwavering and staunchly committed leadership will win the day," he said.