The Filipino Chinese Chambers of Commerce and Industry Inc. (FFCCCII) is offering 18 recommendations that businesses and can work on towards economic recovery, among them continuous spending and retention of jobs.
Henry Lim Bon Liong, FFCCCII president, said in a statement while the group remains confident in the bright, long-term future of the economy despite the global pandemic and economic uncertainties, entrepreneurs and professionals must unite and work hard for decisive economic recovery.
The group encourages entrepreneurs and professionals to spend, spend, spend for the revival of businesses to help vigorously restore consumer confidence and revitalize the economy.
“The slowdown and stoppage in many economic activities in recent months due to the global pandemic crisis and the quarantines have had a detrimental impact on jobs and incomes for millions of our countrymen nationwide,” Lim said.
FFCCCII is also urging businessmen to retain existing jobs and try not to lay off and if possible go into new business ventures or expand to create more jobs.
The group said as producers, businessmen can help keep basic goods affordable, maintain sufficient inventories of basic commodities, especially foods and medical supplies.
FFCCCII also asked banks and the national government to unleash liquidity to fuel recovery.
“ Banks need not be overly conservative. If more money circulates, the faster momentum of economic recovery shall benefit all in a virtuous cycle of investments and consumption, in contrast to a climate of fear and gloom with its vicious cycle of shutdowns or retreats. We urge banks to extend support to micro, small, medium-scale enterprises many of which now face existential threats and also to big companies which want to consolidate and expand,” the group said.
The other recommendations are: support farmers and fishermen; increase charities; upgrade technology and boost e-commerce; increase exports; buy Filipino and revive local manufacturing; invite more foreign investments; support tourism; invest in and help upgrade health industry; plant, plant, plant for food security; invest in rural countryside; develop more affordable housing, less luxury high-rises; help retrain and absorb returning overseas Filipino workers; promote wellness and; support government’s socio-economic reforms.