CEBU, Philippines - Although the Philippines is doing better compared to its peer group in the ASEAN, it has to address the issues faced by the country.
This according to market analyst and Barcino Advisers managing director Ricardo G. Barcelona for the Philippines to harness its potential as a star of the ASEAN bloc.
The Philippines is facing (overdue) crucial challenges under the ASEAN integration and these are: corruption, business and labor freedom, among others.
Barcelona, who was in Cebu recently as one of the resource speakers of the business community-hosted economic briefing, said that with these challenges still haunting the supposedly fast moving economy, the Philippines may not be able to sustain the positive tract not addressed.
The state of corruption resolution in the Philippines needs consistent monitoring and closer look, as the situation now is going back to Marcos regime.
Business freedom is still an issue as well as labor freedom. He said labor issues is getting weaker and is deteriorating.
However, at some point, Barcelona said things are not good, "but they are substantially better," adding that the confidence of both local and international investors and observers is still strong.
He said there are still "pocket of excellence" in the flood of bad news and bad press.
"The good news is, we are doing better compared to others," he said.
Meanwhile, Barcelona also tacked on the importance of the Philippines to make stronger link with Spain.
He said some Spanish companies understood the usefulness of the 100 million market in the Philippines, in the same way Filipino businesses must take advantage of the good technology of Spain. — Ehda M. Dagooc (FREEMAN)