The Filipino-Chinese Chamber of Commerce and Industry Inc. (FFCCCII) remains optimistic the Philippines can post faster growth this year despite challenges posed by a weak peso and rising food prices.
To tide the country over these two challenges, the FFCCCII said the country must produce more goods and services which Filipinos should buy and consume.
In a press conference yesterday, FFCCCII Henry Lim Bon Liong bared the group’s 10-point advocacies discussed with President Marcos Jr. in a meeting last September 30. The list contains measures meant to reinvigorate the economy while addressing pressing business concerns.
Cecilio Pedro, FFCCCIII vice president, in the same press conference said at the top of businesses’ ongoing concerns are the ease of doing business and high energy costs.
“How can we compete with Vietnam when the power cost here is three time more expensive. (Businesses) need to get permits from the barangay, the local government and the fire department that it takes a year before (the process is completed)… we need a one-stop shop,” Pedro said.
He added with the continued weakening of the peso, the price of imported goods will rise by 10 percent.
“We have to produce more (food) efficiently… the reason why prices of pork, fish and vegetables are high is because supply is not enough,” Pedro added.
Pedro added the geopolitical tensions in Russia and Ukraine continue to impact global food prices while the strong dollar arising from higher interest rates in the US will remain a threat.
“BSP (Bangko Sentral ng Pilipinas) interventions are temporary and artificial (Every time) the US Federal Reserves raises interest rates, we suffer the consequence of a weak currency. Once interest, rates stabilize, we will see the real peso exchange rate. Once the crisis (in Russia and Ukraine) is over, the peso will strengthen,” he said.
Pedro also urged Filipinos to start living with the new coronavirus disease 2019 “to move forward.”
“We have to overcome this virus. We can exercise caution by wearing a mask,” he said.
Lim said the meeting with the President focused on initiatives to fast-track economy recovery.
“We are optimistic about our macroeconomic strength. We at FFCCCII are hopeful we can attain growth of between 6.5 and 7.5 percent this year,” Lim said.
FFCCCII’s proposed advocacies and concerns include: trade and industry and the need to modernize production; transportation through a comprehensive transportation infrastructure development to spur tourism and investments; energy; fiscal policies through improved tax system; employment by promoting industrial peace and developing our human resource; peace and order; promotion of Philippines-China relations, friendship, trade and investments; education; pandemic relief efforts and; calamity relief efforts. – Irma Isip
