The Federation of Filipino Chinese Chambers of Commerce and Industry Inc. (FFCCCII) is optimistic about the country’s economic growth despite global economic slumps reported in various countries.
Cecilio Pedro, FFCCCII president, told Foreign Correspondents Association of the Philippines at the “Prospects of the Philippines” Forum held in Manila Hotel yesterday, the economy remains resilient rooted in positive macroeconomic fundamentals.
“There have been latest news reports of economic recessions in Japan, Germany, Britain… but we face the typhoons of life head on, and adapt to whatever the situation is,” Pedro said.
Pedro, however, acknowledged the challenges faced by the country the past two years especially the impact of inflation – 5.8 percent in 2022 and 6 percent in 2023 – due to geopolitical uncertainties, trade restrictions, and calamities,.
Pedro said though confronted with the global economic slump, the Philippines was able to achieve a GDP growth of 5.6 percent in 2023.
“Moving forward, we believe that we can do better this 2024 if we as a people unite and focus on strengthening our economy, “ he said.
Pedro outlined 12 key initiatives for the sustained growth and inclusivity of the economy: Continuous business reforms; empowering local manufacturing; revitalizing export industries; securing affordable and stable energy; accelerating digitalization; modernizing agriculture;
Infrastructure development; boosting tourism as a pillar of the economy; investment in globally competitive education; social development initiatives; political and social stability and; global economic cooperation.
“These initiatives would contribute to a stronger, more inclusive, and globally competitive Philippine economy, laying the foundation for a resilient nation,” said Pedro as he reaffirmed FFCCCII’s unwavering support for nation-building and socio-economic progress.
“It is imperative for all of us to recognize that true strength and independence of a nation depend upon a robust, competitive, self-reliant and productive economy,” he added.
