MANILA, Philippines — Various business groups remain optimistic about the country’s continued economic growth this year, as envisioned by President Marcos in his first State of the Nation Address recently.
Speaking at the Pandesal forum yesterday, Philippine Chamber of Commerce and Industry (PCCI) president George Barcelon said he expects the country’s gross domestic product (GDP) to grow by seven to eight percent this year.
Barcelon attributed the optimistic forecast to the continuation of major projects such as Build Build Build as well as the continued remittances from overseas Filipino workers (OFWs).
While acknowledging the impact of global geopolitical issues, particularly on energy and food commodities, Barcelon emphasized that the negative effects are beginning to taper off, saying crude oil prices have been going down in recent weeks.
He also cited the arrangements between Russia and Ukraine regarding the exports of wheat.
Earlier this month, Russia, Ukraine, the United Nations and Turkey signed a deal to reopen three Ukrainian Black Sea ports for grain exports, according to a Reuters report.
“So those are good indicators that the economy will not be held hostage because of these uncertainties,” Barcelon said.
The PCCI president also noted that there is demand for the country’s exports.
“It would be higher if not for these logistics problems that we’re facing both in North America and Europe,” Barcelon said.
“Having those that are anchors – the range of GDP growth at least should be seven to eight percent (this year),” he said.
He also expressed confidence in the new administration’s Cabinet secretaries: “They are all familiar names with track records.”
Barcelon added that the PCCI is scheduled to meet with some of the new secretaries to discuss how they can work together.
“We’re stepping together as partners. So I am very confident of our country’s rebound and economic growth,” Barcelon said.
For his part, Federation of Filipino Chinese Chambers of Commerce & Industry Inc. (FFCCCII) president Henry Lim Bon Liong said his group is expecting GDP growth to hit seven to nine percent, also citing OFW remittances as one of the growth factors.
In addition, Lim stressed the importance of developing the agriculture sector toward self-sufficiency.
With President Marcos taking the helm of the Department of Agriculture, the FFCCCII head said he is eager to see how the government would navigate the agency.
Employers Confederation of the Philippines and Philippine Exporters Confederation Inc. president Sergio Ortiz-Luis Jr. said his group would wait for the Department of Finance to make a GDP forecast.