Businessmen believe the economy should run at full speed to make up for the loses of the last two years and bring GDP expansion this year to as fast 7.5 percent.
But the businessmen also cautioned against some headwinds like the geopolitical tensions in Ukraine that could impact the Philippines.
They are nevertheless hopeful whoever will be the next president will make the economy a priority and will pursue the economic reforms started by the current administration.
Henry Lim Bon Liong, president of the Filipino-Chinese Chamber of Commerce and Industry Inc., said at the Pandesal Forum yesterday he expects the GDP to expand between 6.5 and 7.5 percent this year on the back of strong economic fundamentals, the socio-economic reforms, sound fiscal and monetary policy and the Build, Build, Build program.
Lim said elections could add another 2 percent to growth due to the higher spending.
George Barcelon, president of the Philippine Chamber of Commerce and Industry, shared Lim’s optimism, saying growth could go above 7 percent as the economy recovers from the losses suffered since the pandemic.
But Barcelon said a prolonged and worsening conflict between Ukraine and Russia would cause a continued surge in oil prices that could lead to runaway inflation at a time when the Bangko Sentral ng Pilipinas is holding on to interest rates.
Presidential adviser Joey Concepcion shared Barcelon’s view and said the economy should continue its growth trajectory to be able to service its debt below 60 percent of GDP and maintain a favorable credit rating and in turn get access to cheap borrowings.
All three agree the economy is ready to downgrade to Alert Level 1 by March 1 to sustain the momentum of the 7.7 percent growth in the fourth quarter.
They also push for the 100-percent capacity operations of establishments and the reopening of schools as well as stadiums and other big-venue events as long as minimum health protocols are observed.
According to Concepcion, tourism will make a big recovery this year for both domestic and international as mobility improves and restrictions are eased.
About 21,974 tourists arrived in the country since the borders were reopened last February 10, the Department of Tourism (DOT) said citing data from One Health Pass (OHP).
Of the number, 10,074 were balikbayans and 11,900 were foreign tourists.
Tourists from the US make up the largest chunk of foreign tourists with 5,516 arrivals; followed by 1,366 from Canada; 918, United Kingdom; 891, Australia; 859, South Korea; 572, Vietnam; 459, Japan; and 447, Germany.
“We at the DOT continue to be optimistic that this trend will be sustained and will support, not only the tourism industry but also, the recovery and growth of our economy,” said DOT Secretary Bernadette Romulo-Puyat.
Puyat said the COVID-19 vaccine certificates of Egypt, Maldives, Palau, Albania, Estonia, Greece, Malta, and Uruguay shall also be accepted as proofs of vaccination required upon entry to the Philippines.
The 8 countries were in addition to the previously approved 12 countries based on Inter-Agency Task Force for the Management of Emerging Infectious Diseases Resolution No. 162.
