Business leaders remain optimistic

CEBU, Philippines - The business sector remains optimistic and is looking forward to even more growth economically this year after a robust growth in 2016.

Cebu Chamber of Commerce and Industry President Melanie Ng shared this optimism, saying the country needs to continue capturing opportunities and address the issues that affect its economic development. 

"We're very optimistic and looking forward to even more growth this year. The horizon is looking bright for the Philippines," Ng told The FREEMAN. 

Ng believes the Philippines, now one of the fastest growing economies in Asia, will see an even higher economic growth this 2017 if the government fulfills its promised tax reforms and continue to spur infrastructure spending.

On Thursday, the government reported the country grew 6.8 percent in 2016, supported by investments and robust consumption. 

"We're glad to note that our economy grew to 6.8 percent for 2016 and that Industry has the fastest growth at 7.6 percent," Ng noted.

The industry sector is seen to stay vibrant this year. The construction industry, in particular, will be in the limelight following the government’s aggressive commitment to approve and implement key infrastructure projects nationwide. 

Meanwhile, the Philippines is also expecting an eventful year ahead as it is hosting the 2017 Miss Universe Beauty Pageant on January 30.

The year 2017 is also a significant year because of the Philippines’ chairmanship of the ASEAN 2017 Summit.

"Through the Summit’s series of multilateral and bilateral meetings to be held all throughout 2017, we anticipate more opportunities to partner with our neighbor countries, and we hope to forge new alliances, too, in the process," Economic Planning Secretary Ernesto Pernia earlier said.

Next month, the government is set to release the 2017-2022 Philippine Development Plan or PDP for 2017-2022.

The PDP provides a holistic and comprehensive approach to equipping the economy to accommodate higher growth in the following years.

Among the plan's priorities are infrastructure development, human capital investment, regional development, social protection and humanistic governance in order to lay the foundation for inclusive growth, a high-trust society, resilient communities, and a globally competitive knowledge economy.

With the new PDP, which serves as blueprint for state policies and strategies, the private sector, including those in business, will know exactly how government intends to steer the country’s development in the coming years. (FREEMAN)