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Not many people may realize it, but there has been a bountiful harvest of legislation from the 17th Congress. Both Houses of Congress have produced significant economic and socially progressive legislation since signed into law by President Duterte. Credit no doubt goes to House Speaker Gloria Macapagal-Arroyo and Senate President Tito Sotto, both legislative veterans who know how to make their respective chambers productive.
My former college economics professor, Dr. Bernie “Dr. Boom” Villegas, was once quoted chanting the mantra of “agriculture, agriculture, agriculture” when asked about the development direction of the country. Indeed, while the political Left were enamored with “nationalist industrialization,” and rent-seekers with “import-substituting industrialization,” Bernie was an outlier. After all, agriculture was unsexy, while industrialization, with its image of mighty steel mills and factory sinews, represented progress and modernization.
In my last column, “The Structural Weaknesses of the Philippine Economy,” I said that the recent economic data show the structural weaknesses of the Philippine economy: low agricultural productivity, weak export growth, and undiversified export base, with much export concentrated in low value-added electronics sector.