National government agencies will be working together to start a local competitiveness index to gauge economic growth at the grassroots level, National Economic and Development Authority (NEDA) Director General Arsenio Balisacan said on Thursday.

In a keynote speech at the Annual Regional Competitiveness Summit, Balisacan—who as head of NEDA is also Secretary of Socioeconomic Planning—disclosed that his agency, together with the Philippine Statistics Authority (PSA) and the Department of Trade and Industry (DTI) through the National Competitiveness Council (NCC), will be coming up with methodologies and policies "to institutionalize regular data gathering and reporting of local competitiveness."

Most data-capturing mechanisms are "only at the regional level," Balisacan said.

"We need to identify objective and specific indicators of development and competitiveness at the local level that can be directly linked with the country’s global competitiveness rankings," he said. "Such local competitiveness indicators would also show the economic or business strengths and weaknesses of the LGUs [local government units] and allow for local level comparisons."

The initiative "will support many strategies in the Philippine Development Plan," such as helping direct investors identify "specific areas where there is high potential for growth," he said.

He added that for the national government, a local competitiveness indicators could help identify "the kind of interventions needed to help lagging LGUs catch up"; channel "resources to areas where they are most needed"; and in the granting of the Seal of Good Local Governance, an incentive to local government units for good performance and housekeeping.

By: Rose-An Jessica Dioquino/BM

Original Source: http://www.gmanetwork.com/news/story/373829/economy/business/neda-dti-to-set-up-local-competitiveness-index-balisacan