The expansion of domestic food production and manufacturing output are expected to steer the Philippines away from falling into a Sri Lanka-type crisis, a bank economist said. READ:
Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message that the government needs to “reduce reliance on imports by improving productivity of the agricultural sector to… help ease food prices and lower inflation.”
Maria Ela L. Atienza, a political science professor at the University of the Philippines, said in a text message that the government needs to focus on strengthening small businesses while avoiding excessive tax burdens on working-class families. Mr. Ricafort said the government should spend effectively and minimize corruption and “leakage” of public funds, which are critical in stimulating the economy.
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