Philippine economy strong enough to absorb back OFWs – ECCP

MANILA, Philippines - The Philippine economy, which has been growing steadily in recent years, is now ripe to bring back home millions of Filipinos working abroad, the world’s oldest European chamber said.

The European Chamber of Commerce of the Philippines (ECCP) yesterday urged the next administration to make a strong push towards enticing many overseas Filipino workers (OFWs) to return and work in the country.

“I believe we have created enough potential for jobs here that we can bring those 10 million talents abroad back to the Philippines and reunite them with their families,” ECCP president Guenter Taus said in a press briefing.

Taus said OFWs who wish to work or even start their own business in the country could capitalize on the vast potential of the tourism and agriculture sectors.

“There is an overall positive business sentiment in the country. The business process outsourcing industry is still booming and expanding also to the provinces. We believe tourism is a vital industry that can make the Philippines go places,” he said.

Taus said ECCP expects the Philippines to finish the year with a stable economic growth of around 5.5 percent.

With the change in administration next year, Taus said the ECCP believes there are many policies in the Aquino administration that should continue while there are also several reforms that need to be implemented.

“One of the issues the incoming government would definitely have to look at is on the contracts they sign. That’s an issue that in order to be internationally competitive, you really need to understand that a contract is a contract,” Taus said.

“With the upcoming integration, we also need to open up the country to competition. We need to open up to foreign companies because competition is healthy and competition brings you to the next level. It creates employment and creates knowledge,” the ECCP official added.

Taus said other major issues needed to be solved by the next administration to not harm the growth of the Philippine economy are concerns mostly on infrastructure such as traffic, public mass transport system, Internet, seaports and airports.

As a group which seeks to promote the country as a high potential trade and investment market, ECCP said the progress the Philippines achieved in recent years has made it easier to attract European companies to do business in the country.