The Federation of Filipino Chinese Chambers of Commerce & Industry Inc. (FFCCCII) has revised upwards its growth forecast for the economy in 2022 to 7 to 9 percent from its earlier projection of 6.5 to 7.5 percent.
Henry Lim Bon Liong, FFCCCII president, in a statement said the country’s growth can accelerate this year despite global uncertainties such as the Ukraine Russia war, rising interest rates and inflationary pressures.
Lim said the group believes in the competence of the incoming team in steering the economy towards recovery and in maintaining a sound fiscal management.
Coupled by the sustained reopening of more industries and relaxed mobility, consumer spending will fuel the economy, Lim said.
“We the diverse business chambers and industry groups under the FFCCCII are optimistic about the strong momentum of Philippine economic recovery. We commend the next Marcos administration for upholding meritocracy in its appointments of exemplary leaders to take charge of the economy. The outstanding, highly-competent, richly experienced and respected technocrats recently appointed by President-elect Ferdinand Marcos, Jr. as top economic managers shall booster domestic and foreign investor confidence,” said Lim.
Lim was referring to incoming secretaries Benjamin Diokno of the Department of Finance, Arsenio Balicasan of National Economic Development Authority and Alfredo Pascual of Department of Trade and Industry as well as Felipe Medalla, as governor of the Bangko Sentral ng Pilipinas.
Lim also cited political stability as a result of the smooth and orderly 2022 election as a strong foundation for the economic rebound.
Lim said the completion of infrastructure projects under Build Build Build and the incoming administration’s commitment to continue infrastructure modernization will also strengthen economic expansion.
In agriculture, Lim said FFCCCII welcomes the incoming administration towards adoption of better technologies like hybrid rice seedlings and the “Masagana 300” project to boost rice production), better farming methods and equipments, more irrigation, etc. Irma Isip
