Business groups are optimistic the economy will grow at pace with, and even faster than , government projections saying the Philippines is in a better state than other countries in the region.
Henry Lim Bon Liong, president of the Federation of Filipino-Chinese Chamber of Commerce and Industry Inc. (FFCCCII) said at the Pandesal Forum yesterday the group is maintaining its 7 to 9 percent GDP projection for the year especially if tourism rebounds in the fourth quarter and overseas remittances which would fuel spending would be sustained.
George Barcelon, president of the Philippine Chamber of Commerce and Industry for his part sees a range of 7 to 8 percent GDP growth for the year but said this could be higher if not for uncertainties posed by the geopolitical tensions between Russia and Ukraine that are sending prices of fuel, commodities and food rising.
Sergio Ortiz-Luis, president of both the Employers Confederation of the Philippines and the Philippine Exporters Confederation Inc., is a bit more pragmatic, and said his forecast is in line with the economic managers’ projection of 6.5 to 7.5 percent.
Ortiz-Luis said the Philippines can recover faster than other economies in the region which are in far worse state especially on inflation.
The economic team earlier said the country will post the fastest growth in the region this year and next.
Barcelon said coming from an 8.3-percent growth in the first quarter, the GDP for the rest of the year will also be supported by government spending through the Build, Build, Build which the Marcos administration has vowed to continue and even expand.
Lim said FFCCCII believes the government’s socio-economic reforms will accelerate economic recovery.
Lim said the group supports government’s pronouncement of no lockdowns reopening of face-to-face classes , improving pandemic response, continued infrastructure modernization as well as fiscal and monetary policies would all help achieve economic growth. Irma Isip
