MANILA, Philippines - The Philippine Chamber of Commerce and Industry (PCCI) has launched PCCI Invest 2012 to strengthen the critical drivers that influence the country’s ability to attract and expand investments.
PCCI president Miguel Varela said based on this program, PCCI will stand for Power and utilities, Competitiveness, Countryside development, and Industrial and trade policy formulation.
For power and utilities, Varela said they will work closely with government and the private sector to bring power rates to more competitive levels. He said they are working on a five-year electric power roadmap with specific action programs.
For competitiveness, Varela noted that they support the government in making reforms such as developing critical infrastructure and improving labor productivity to advance the country’s competitiveness ranking.
On countryside development, he said they have identified 12 sectors critical to local economic development. These are: agribusiness, business process outsourcing, mining, tourism, home décor and lifestyle, shipbuilding, housing, infrastructure, education, creative industries, electronics, transport equipment and logistics.
On industrial and trade policy formulation, he said PCCI urges the government to adopt flexible policies, ease the procedures in doing business, and give information and support services in activities like investment promotion and industry mapping.
With government support on these critical drivers, Varela said he is certain that the country will weather the impact of the global economic crunch.
He cited the debt crisis in the eurozone, the sluggish growth of the US economy, and the economic effect of Japan’s earthquake and tsunami as global factors that have contributed to the country’s economic turbulence.
He said the Philippine economy was “affected by these global developments but business in the country continues to grow.” He explained that local and foreign investors are inspired by President Aquino’s programs and pronouncements like the promotion of transparency, fight against corruption and assurance of a level playing field for all stakeholders to ensure the viability of doing business.
With an upgraded credit rating and increased investor confidence in the Philippines, he said that business had a good start in 2012. Moreover, he agreed with the recent HongKong and Shanghai Banking Corp.’s projection that the Philippines will join the global growth leaders and emerge as the 16th largest economy in the world, maybe even before the year 2050, if reforms are put in place.
“With focus on areas to improve country’s international competitiveness, we can catch up with our Asian neighbors even earlier than 2050,” Varela said.
“We are continuously supporting government thrust on improving the country’s international competitiveness and instituting local reforms necessary in the growth and expansion of our small and medium enterprises,” he added.