Overcautious gov’t hampering economic growth: Arroyo

The Aquino government’s anti-corruption drive is partly the reason why government spending is falling, according to former National Economic Development Authority policy and planning director Dennis Arroyo.

Arroyo said the government is spending too much time going over contracts before releasing funds, and this is slowing economic growth. The local economy grew a a lower-than-expected 4.9% in the first quarter of the year due to a drop in global trade and less spending on infrastructure.

“They are being too careful. You have this anti-corruption goal, which is good. However, I think they are overdoing it,” he said in an interview on ANC’s “Business Nightly.”

He added: “We must correct ourselves and spend more and spend faster to create more jobs. It’s more of speeding up the process and being more confident that these are the correct contracts.”

Read more at ABS-CBN News

 

Con Yap

  • Thai anton

    RP will have economic contraction just like what we got from Tita Cory’s adminsitration, remember those 12 to 16 hours of brownouts that happened during Tita Cory’s watch, good luck and may god (it there is any) bless us
    All.

    • UP nn grad

      Sabi ni girl friend, expediters wanted …. The squeeze on the contracts is PresiNoy’s special job-creation program to create expediter-opportunities for some BFF’s..