German businesses in the Philippines yesterday said some key policies were omitted from the focus of President Ferdinand Marcos. Jr.’ State of the Nation Address (SONA) but are needed to maintain the competitiveness of the Philippines.
In a statement, the German-Philippines Chamber of Commerce Inc. (GPCCI) said these policies include developments of the European Union-Philippines free trade agreement (FTA), action plans to address inflation, and projects on climate change and sustainability.
GPCCI emphasized the need for strategic reforms on education and labor, digitalization, energy, and infrastructure and the overall economic climate to sustain and grow German investments and strengthen the bilateral economic partnership between Germany and the Philippines.
GPCCI said German enterprises hope the education curriculum in the country will be reformed to reflect an enterprise-based approach, enhancing the skills and economic productivity of the labor force.
In particular, they want to strengthen partnerships that promote the upskilling and reskilling of Filipino workers.
GPCCI said amending the Electric Power Industry Reform Act will significantly reduce energy costs and improve business efficiency.
GPCCI supports the government’s digitalization and cybersecurity initiatives but said further policy reforms are needed.
These include the passage of the Konektadong Pinoy bill to increase telecom competitiveness, the creation of the Department of Water Resources for sustainable management of water services to consumers, and the Waste-to-Energy bill to further promote clean and renewable energy.
GPCCI said these are crucial for enhancing competitiveness of the Philippines in its bid to attract more foreign investments in the country.
On other reforms, GPCCI bats for the passage of the Corporate Recovery and Tax Incentives for Enterprises (CREATE) to Maximize Opportunities for Reinvigorating the Economy (MORE) Act “provided it will benefit both existing enterprises and new investors.”
“The various policy reforms and government initiatives are vital to make the Philippines economically productive,” said GPCCI president Marie Antoniette Mariano.
