Growth Needed to Fight Poverty
The Philippine economy expanded at the highest growth rate in Asia in the first quarter of 2013 at 7.8 percent. That should have been a cause for celebration for most Filipinos. There were, however, the usual kill joys. Their complaint is that despite the high growth, the poor continue to be poor and the rate of unemployment even increased. These critics tend to pooh-pooh growth as irrelevant or even misleading. I beg to disagree.