FINANCE Secretary Carlos Dominguez 3rd said the government requires an “audacious” economic strategy that would enable the Philippines to catch up with its more vibrant neighbors by 2022 and transform its status into a high-income economy in one generation.
Thus, the creation of “DuterteNomics,” a recently coined term to describe President Rodrigo Duterte’s economic policies. The term is associated with programs and policies to achieve “the golden age of infrastructure.”
Unveiled on April 18, 2017, DuterteNomics is also a series of forums where the President’s economic managers pitch their plans to transform the Philippines into a high middle-income economy by 2022. For easy understanding and monitoring of DuterteNomics, here’s a timeline.
April 18, 2017
The Department of Finance (DoF) and the Presidential Communications Operations Office (PCOO), in cooperation with the Center for Strategy, Enterprise and Intelligence (CenSEI), unveiled the President’s economic and development blueprint for the Philippines, aptly called “DuterteNomics,” in a forum held at The Conrad Hotel. It was attended by more than 200 guests from both the private and public sectors.
Executive Secretary Salvador Medialdea, who opened the forum, explained that nine months since the Duterte administration took the reins of national governance, the economy is on a roll with gross domestic product (GDP) growing by 7.1 percent in the third quarter of 2016. To sustain the economic momentum, the President’s economic managers formulated DuterteNomics, which is anchored on the Administration’s 10-Point Socio Economic Agenda. (See sidebar)
April 25, 2017
Spearheaded by the PCOO in partnership with the DoF and CenSEI, Dutertenomics II was held on April 25, 2017 at the Asean International Media Center (IMC), Taft Ballroom of The Conrad Hotel in Pasay City. The forum was divided into three sessions: (1) Economic Overview and Philippine Development Plan Highlights and National Competitiveness; (2) Build Build Build Infrastructure Plan; and (3) Fiscal Reforms and Spending. The opening remarks were delivered by Executive Secretary Salvador Medialdea with a keynote address from Secretary Carlos Dominguez 3rd of the Department of Finance. Duterteconomics II coincides with the Association of Southeast Asian Nations (Asean) 30th Summit that was attended by regional leaders from the 10-member states and took place April 26-29 in Metro Manila.
Business tycoons led by Jaime Zobel de Ayala of the Ayala Group and Tessie Sy-Coson of SM Investments Corp. took part in the second ‘DuterteNomics’ Forum in an apparent show of support for the ambitious infrastructure program of the Duterte administration.The event was also attended by Danel and Sandro Aboitiz of Aboitiz Equity Ventures, Edgar Injap Sia 2nd of Double Dragon Properties Corp., Kevin Tan of Megaworld Corp. and Michael Tan of the Lucio Tan Group.
May 10 to 12, 2017
President Rodrigo Duterte and his economic managers unveiled his economic development and infrastructure plan dubbed “Dutertenomics” before world leaders and businessmen at international events in Cambodia at the recently-concluded World Economic Forum (WEF) on the Association of Southeast Asian Nations (Asean) in Cambodia.
President Duterte proved that he is not just a crime-and-corruption buster but also an economic ambassador during the WEF on the Asean in Cambodia. This was how Department of Trade and Industry (DTI) Secretary Ramon Lopez described the President, recounting how the latter conducted himself before the forum in Phnom Penh, which was attended by hundreds of top CEOs and executives and other world leaders.
May 15, 2017
Members of President Duterte’s Cabinet presented before the international media, including the local Chinese media, and businessmen the economic and social development blueprint of the Philippines, aptly called “DuterteNomics,” on the sidelines of the One Belt One Road Forum for International Cooperation at the Grand Hyatt in China’s capital, Beijing, on May 15.