PCCI explores ways to promote regulatory reforms between US, Phl

MANILA, Philippines - The Philippine Chamber of Commerce and Industry (PCCI) is looking at how it can support the efforts of both the US and Philippine governments to promote regulatory reforms and private sector development for the country to achieve growth.

According to PCCI president Alfredo Yao, the group is looking at how it can support initiatives of the US and Philippine governments following a recent meeting held with US Ambassador to the Philippines Philip Goldberg.

“With longstanding relationship between the US and the Philippines on trade, economic and political affairs, this meeting enabled us to discuss how we in PCCI can support the various initiatives between the US and Philippine governments in support of partnership for growth,” he said.

In 2011, the Philippines and US signed the Partnership for Growth which provides the development strategy for engagement in relation to supporting regulatory reforms, rule of law, anti-corruption as well as private sector development.

During the meeting, the PCCI Board of Directors and Goldberg reaffirmed their support for the Philippines’ reforms towards achieving inclusive growth.

For his part, Goldberg noted that the role of the private sector is vital to push reforms that would allow the country to continue to grow and participate in an enhanced global trade regime.

The PCCI noted that as the Philippines gears up for the Association of Southeast Asian Nations (ASEAN) economic integration, there are plenty of opportunities to scale up the value chain and promote trade and investment activities. 

The group acknowledged ASEAN 2015 is an important vehicle for the Philippines to prepare itself for its eventual participation in the Trans Pacific Partnership (TPP) agreement.

The ASEAN Economic Community, to be established by the end of 2015, would allow free flow of goods, services, skilled labor, investments and capital within the region.

The TPP seeks to set high standards for the creation of a trade bloc representing more than half of global output and over 40 percent of world trade.

It is currently being negotiated by the US and 11 other Pacific countries including New Zealand.

“PCCI views that TPP is an important agreement to consider and also acknowledges the need for reforms to support the Philippine participation in the negotiations process,” Yao said.