Tycoon Jaime Augusto Zobel de Ayala has urged private enterprises to join the bandwagon on “inclusive growth,” saying business initiatives that help address inequality in the country can be profitable.
In fact, he said that enterprises that would not take into account the lowest-income groups in their business models would eventually lose out in the market competition.
In a forum on Monday organized by the Asian Development Bank, Ayala said the responsibility of making the benefits of economic growth more equitable did not lie on the government alone, but the private sector as well. While the state was in charge of providing an enabling regulatory environment, he said private firms should take the lead role in investing in initiatives that help achieve inclusive growth.
Inclusive growth, which has become a buzz phrase among economists, is a favorable situation wherein a growing economy is actually helping lift people out of poverty.