Fil-Chinese businesses bullish on economic growth

MANILA, Philippines — A Filipino-Chinese business group expects the Philippine economy to grow between 6.5 percent and 7.5 percent next year, driven by positive economic and demographic fundamentals.

“We at the Federation of Filipino Chinese Chambers of Commerce & Industry, Inc. (FFCCCII) are optimistic that Philippine economic growth in 2023 shall be between 6.5 and 7.5 percent and that Asian economic recovery shall continue, despite many gloomy forecasts about world economic recession next year due to expected USA recession, global inflation, high interest rates and EU economic turmoil due to the Ukraine War with Russia,” its president Henry Lim BonLiong said at the Pandesal Forum.

Lim said the group believes that the Philippine economic and demographic fundamentals are positive.

“The Philippines is still a source of hope and recovery for Asia due to our positive economic and demographic fundamentals, and with the earnest leadership of President Bongbong Marcos committed on upgrading infrastructures, improving agriculture and pushing many reforms,” Lim said.

The FFCCCII also expressed optimism for the upcoming state visit of the President to China.

It will be joining the business delegation for the China state visit of President Bongbong Marcos, upon the invitation of the Department of Trade and Industry (DTI).

“We believe this historic state visit is very important to the growth potentials of our Philippine economy, because China is our most important economic and trade partner, the world’s emerging new economic superpower, and our neighbor,” Lim said.

“This state visit of President Marcos is a great opportunity to use our high-level diplomacy to promote more Philippine business and economic cooperation with China,” Lim said.

President Marcos is set to visit China from Jan. 3 to 5 or 6, upon the invitation of Chinese President Xi Jinping.

Lim emphasized that China can help accelerate Philippine economic growth since it is the second biggest economy and also the world’s  biggest consumer market with about 16 trillion yuan ($2.3 trillion dollars) in excess household savings between 2010 and 2022.

“Let us export and sell more to China, let us maximize diplomacy and our traditional ancient friendship for more business, investments, assistance and partnerships,”Lim said.

He is hopeful for an enhanced Philippines-China economic and development partnership, especially in the areas of agriculture, trade, infrastructure, energy, tourism, and people-to-people exchanges.

“We agree with and support our President and the government in enhancing Philippines-China cooperation, especially economic cooperation,”Lim said.

He said  the group is hopeful that the state visit shall pave the way for more infrastructure cooperation, especially since China is now the world leader in modern and high-speed trains, in bridge and other construction technologies.

Lim said that in terms of infrastructure, China has extended support to the Philippines through various development projects such as the Estrella-Pantaleon Bridge connecting Makati and Mandaluyong, and the Binondo-Intramuros Bridge in downtown Manila, and others.

“China is the Philippines’ No. 1 top trading partner, a major investment partner, a fast-growing export market, an important source of high technologies, and crucial import supplier.  Its growing consumer market would need sources of tropical fruits like bananas, pineapples, durians, avocados and mangoes; marine products; and other produce which the Philippines can provide,”Lim said.

He pointed out that there are opportunities to explore technological cooperation in telecoms, bioscience, medical science, energy, mining, and industrial development.

He said that other fields that can be considered and which the FFCCCII advocates include fisheries cooperation between rural coastal fishing communities of both countries, security, peace and order, disaster preparedness, public housing, public health and anti-terrorism cooperation.

Moreover, FFCCCII also hopes that the state visit will also help the country attract more affluent Chinese tourists to visit the country.

Lim also expressed hope that the state visit would help woo more China industrial export enterprises to invest here in the Philippines, adding that many of China’s export factories have been going to Vietnam, Thailand, Cambodia, and Indonesia these past years.

“Hopefully also, there will be progress in possible joint oil and gas exploration in the seas that shall benefit both the Philippines and China, with hopefully wisdom and political will from our national leaders as they meet in Beijing,”Lim said.