The Philippine government has implemented measures such as infrastructure development, tax reforms, business-friendly policies, social programs, FDI promotion, and technology and innovation initiatives to foster economic growth.
The specific actions taken by the Philippine government to improve economic growth may have evolved. However, historically, the Philippine government has implemented various strategies to enhance economic development.
Infrastructure Development: The government has invested significantly in infrastructure projects through its "Build, Build, Build" program. This initiative focuses on constructing roads, bridges, airports, and other critical infrastructure to stimulate economic activity.
Tax Reform: The Tax Reform for Acceleration and Inclusion (TRAIN) law was introduced to enhance revenue collection and finance key government programs. It aimed to make the tax system fairer, simpler, and more efficient.
Ease of Doing Business: Reforms to streamline business processes and reduce bureaucracy have been implemented to improve the ease of doing business. This includes efforts to expedite permits and licenses for businesses.
Social Programs: Initiatives such as the Conditional Cash Transfer (CCT) program aim to alleviate poverty and improve the overall standard of living, contributing to economic growth by creating a more robust consumer base.
Foreign Direct Investment (FDI) Promotion: Efforts to attract more foreign investments have been ongoing, including the liberalization of certain industries and the creation of economic zones.
Technology and Innovation: Policies promoting technological advancements and innovation have been introduced to enhance productivity and competitiveness on a global scale
It is advisable to check more recent sources for the latest developments in the Philippine government's strategies for economic growth.