Top exec urges strategic economic strategy for RP

The Philippines has to formulate an "integrated economic strategy" to strengthen its "competitive edge" and thereby earn increased foreign exchange receipts, according to a top business leader.

George Siy, president of the Confederation of Garment Exporters of the Philippines, said that some of the possible avenues for growth the country could capitalize on include call centers, semiconductor industries, and tourism.

Siy, who spearheaded the diverse interests of the businesses of his late father textile magnate Ramon Siy Lai, said that even the China market could be tapped for Philippine products.

While China is a source of problematically cheap textiles and toys, it is beginning to snap up our sea and agricultural products and even "some of our homegrown branded items."

Siy also frowned on selective free trade arrangements with developed countries like the US as he said the Philippines should go to the negotiating table discussing all industrial sectors and not just one segment.

"We need to come up with realistic strategies because the industry’s survival is at stake," Siy said, adding that there is a need to rethink market access and to invite more foreign investors.

"We have to concentrate on creating value for the survival and prosperity of industries and the Philippine economy as a whole," Siy said.

The Wharton-trained business executive also said that the country should not rely so much on debt for its development.