Phl urged to prepare now for Asean integration

MANILA, Philippines - The Philippines should prepare early for the ASEAN Economic Community (AEC) set to take effect next year to be able to compete with its counterparts in the region, former Finance Secretary Roberto de Ocampo said.

De Ocampo, who is currently Philippine Veterans Bank (PVB) chairman, made this call in his keynote speech during the Joint Foreign Chambers of the Philippines (JFC)’s 3rd Arangkada Philippines Forum held recently at Makati Shangri-La Hotel.

Arangkada Philippines is an initiative of the Joint Foreign Chambers of the Philippines whose memberships include companies and individuals with large business interests in the country. It publishes a comprehensive advocacy paper intended to share recommendations to the creation of new foreign investments, jobs and revenues for the Philippine economy within this decade.

De Ocampo observed that the Philippines has the tendency to wait until the last minute and “scramble furiously when we see that other ASEAN members have already placed key economic reforms.”

“Let’s be prepared adequately and early for regional and global economic reconfigurations that will soon affect our economy. It is imperative that we be prepared for this global game changer,” De Ocampo said.

“I would suggest that we don’t find ourselves coming to AEC still half-baked about the steps we ought to make in order to be a strong participant of this global trade configuration,” he added.

“Many of our failures in the past had traced to our inabilities to undertake meaningful and fundamental reforms that build inherent competitiveness.”

As 2015 approaches, discussions regarding AEC are growing, with many individuals questioning the country’s preparedness in the integration.

He noted that some are bringing forward ideas on how Filipinos could collectively work to prepare for the country’s entry into the free trade area.

De Ocampo said there’s a need to enact an effective competitive law to encourage a democratic business environment.

“Without the competitive environment and level-playing field, the current law might come up protecting the interest of those who are already in the non-competitive comfortable position,” he said.

“If we prepare well, we will be able to move our economy from the need to adhere to our commitments with other nations and ensure our competitive position,” De Ocampo stressed.

AEC envisions being a regional arena where ASEAN-member nations enjoy a single market and production base anchored on its 600-million population.