Businessman Jaime Augusto Zobel de Ayala is cautiously optimistic despite the recent decline in the number of new coronavirus disease 2019 (COVID-19) cases.
“Our recent indicators… give us reason to be cautiously optimistic. Case loads are down to a fraction of the record high 23,000 daily new cases last September 18 and infection rates are now sub 10 percent. Clearly the vaccines are working. Economic indicators are similarly are consequently picking up with the relaxation of alert levels and the easing of mobility restrictions. But caution of course abounds,” Zobel, chairman of Ayala Corp., told the Pilipinas Conference 2021 yesterday.
Zobel said sustaining these gains is still uncertain due to the unpredictability of the transmission pattern of the virus and the recurring lockdowns in response to surges.
“We’ve only to look at recent surges in Germany, Russia and Eastern Europe to be reminded of the volatility,” Zobel added, referring to the surges that had occurred in these countries.
In the same forum, Benedicto Yujuico, president of the Philippine Chamber of Commerce and Industry (PCCI) recommended immediate actions that would save both economy and health in the short-term.
“Government should have a more aggressive rollout of vaccination particularly in the provinces, and to promote domestic travel and tourism,” Yujuico said, noting businesses like retail depend a lot on revival of tourism.
He also proposed that government should incentivize job-generating companies with tax deferment schemes and easier access to cheap and fast credit.
Yujuico also stressed the need to complete in a timely manner the ongoing infrastructure projects to strengthen the country’s health systems.
Yujuico reiterated PCCI’s clamor for government to foster a conducive environment to attract foreign investments.
In response, economist Raul Fabella urged government to harness low-hanging fruits in attracting new investments, foremost is the reopening of mining to investors.
Fabella said the reopening of mining should be done with state-of-the-art regulation ad governance.
While President Duterte has lifted the nine-year moratorium on new mining permits, the country has not been receiving any new mining investments due to many restrictions like the ban on open pit mining and foreign equity limit.
Fabella is also pushing for a truly integrated power system through One Philippine power grid that would give ensure stability of supply.
Fabella said there is a need to upgrade the submarine cables of the national grid and resolve the problems with the Negros-Cebu which had been damaged recently and the completion of the Mindanao-Cebu submarine cable connections.
