PPP deemed necessary to attract investments

CEBU, Philippines - Boasting that the Philippines is open for new business, the Aquino administration acknowledged the significant role of collaborating with the private sector to further maximize potential partnerships and investment opportunities with other countries.

As Cebu was chosen to host the 27th Confederation of Asia Pacific Chambers of Commerce and Industry Conference (CACCI) for the first time, President Benigno Aquino III saw this as a good sign of the confidence of the industry stakeholders in the vibrant economy and growing business community in the Philippines and in Cebu particularly.

In his speech, which was delivered by Cabinet Secretary Rene Almendras, he identified key factors that attract investors to come to Cebu.

These include the 278 locators in six manufacturing economic zones found in Cebu that produce a total of $3.58 billion of goods and 139 outsourcing companies that provide employment opportunities to 95,000 Filipinos.

He further took pride of the Filipino workforce as the most valuable resource in the country, endowed with perseverance, skills and proficiency in the English language.

He added that the Filipino people can quickly adapt to the demands of the growing Philippine economy, thus opening more doors of opportunities for other countries.

He also cited the surprising growth of the Gross Domestic Product by 6.6% last year, one notch below the investment upgrade and the 12-jump advancement of the Philippines in the 2013 Travel and Tourism Competitiveness Report by the World Economic Forum as the most improved country in the region.

He said that the public sector aims to level the playing field by accelerating government spending, improving basic services and eliminating corruption to improve the country’s image in the international business community.

He added that working with the private sector, academe and other industry stakeholders would enable the government to come up with clear strategies for sustainable economic growth.

For his part, Almendras admitted the significant role of the private sector in driving the economic growth of the country.

“No government can make economic activities on their own. We have to coordinate with the private sector since an economic activity cannot be done by the government alone,” he pointed out.

Cebu, for instance, is an example where the government and private sector collaborate together in getting things done for a better economy.

He cited that under the present administration, each cabinet member is required to spend time and work with the business sector.

Meanwhile, Almendras noted that the country has been recognized as an ideal destination for international conferences and conventions.

He cited that the 2014 World Economic Forum and Asia-Pacific Economic Cooperation activities in 2015 shall be held in the Philippines.

With the theme “Asia Pacific: Catalyst to Global Recovery”, the CACCI conference is aimed to provide a platform for CACCI members and invited experts to exchange views on measures that the business sector and governments in the region can undertake to help sustain growth and enable the Asia-Pacific region to play a catalytic role in the global recovery.

Cebu Chamber of Commerce and Industry won the bid to host the conference besting five other interested countries.  (FREEMAN)