The recent emphasis on the Philippine economy’s growth targets and ambitions to achieve upper middle-income status underscores the vital importance of maintaining a steady pace of economic development.
Reaching this milestone would reflect the country’s capacity to foster consistent, long-term growth that improves living standards and opportunities for all citizens. Sustained economic growth is crucial for advancing the country’s development path and enabling it to join the ranks of more prosperous nations.
One critical instance is the termination of a baseload supply agreement by Meralco, driven by the ERC’s failure to act promptly on necessary price adjustments. This regulatory inertia not only led to increased consumer rates but also undermined investor confidence, impacting the overall business environment in the country.
While accountability is essential, it is equally important to ensure the smooth functioning of the ERC to maintain regulatory stability and investor confidence.
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