Though the Philippine economy is not expected to go into a recession like its neighboring Asian countries, the country may be left behind while other economies, now in recession, outpace the Philippines in growth when recovery comes.
"There are some who say that our economy is very resilient. I agree with them. Throughout periods in our history where there was difficulty and challenge, our economy has always maintained its ability to float. However, it is also true that our economy is possibly not built for speed," Roxas said.
"Our neighbors, their economies go into decline, they don’t stay afloat. But when the wind is at their backs, they can grow at eight percent to nine percent a year for many years," he added.
So far, the Philippines has outperformed that of other Asian countries by relying on domestic sources. Korea’s economy grew 1.6 percent while Singapore, Malaysia and Taiwan all posted negative growth in gross domestic product at a rate of 0.5 percent, 1.3 percent and 2.4 percent, respectively. Philippine GDP for the January to September period of this year grew 3.1 percent.
"Even as the Philippines hopes to gain better access to the global market with our continued commitment to globalization, we also need to brace for the challenges confronting us especially with the entry of China into the World Trade Organization," Roxas said. "We are faced with the increase in entry of imports that are mass-produced and at prices much lower than what we can offer," he added.
One of the keys to transforming the economy into a faster moving one without compromising its resilience is to improve the domestic economy by patronizing local goods and investing locally.
Roxas urged the business sector to continue investing in the Philippines in order to keep the economy moving and create more jobs for Filipinos.
"This means both government and private sector will put together all the necessary ingredients so that this ship of state of ours continues to remain resilient and transforms itself into a high speed ship — so that when the big economies bounce back, then we can able to move faster," Roxas said.
Recently, government and more than a dozen of the country’s biggest business groups forged a covenant calling on Filipinos to patronize locally made products and invest in the country for "national economic survival and properity."
The covenant, dubbed the Buy Pinoy movement called on Filipino consumers to buy local products and for businessmen to continue investing in the Philippines "to keep the economy moving and to create more jobs for our people."
Roxas signed the covenant together with the officers of business groups such as the Federation of Filipino-Chinese Chamber of Commerce and Industry; Philippine Chamber of Commerce and Industry; Federation of Philippine Industries; Employers Confederation of the Philippines; Makati Business Club; Chamber of Commerce Foundation of the Philippines; Philippine Exporters Confederation of the Philippines; Chamber of International Trade, Philippines, Inc.; Anvil Executive Club; Kaisa Para sa Kaunlaran, Inc., Information Technology Foundation of the Philippines; Philippine Retailers Association; and the Philippine Amalgamated Supermarkets Association.
The signing of the covenant marked the official launching of the ‘Buy Pinoy’ movement in the country. Along with the signing, the movement’s official logo was also unveiled.