Fil-Chinese community sees economic recovery in 6 months

Filipino-Chinese businessmen see the country’s economic recovery within six months.

Joaquin Sy, secretary general of the Federation of Filipino-Chinese Chambers of Commerce and Industry Inc., told The STAR yesterday that six months from now, the economic programs of the Arroyo administration would bear fruit.

"The fundamentals are good, investments are coming in especially in the South," he said. "We think it (recovery) will improve but it takes time. We can’t be impatient here because the problems inherited by the President were severe."

Sy said the Filipino-Chinese community’s initial apprehension on President Arroyo has vanished after they were given the chance to assess her style of governance.

"The chambers, the bulk of the Chinese community, see that she is sincere and hardworking in her efforts to solve the country’s economic problems," he said.

Sy said they are happy about Mrs. Arroyo’s image as a "hardworking and no-nonsense" leader, who has a background in economics.

However, Sy said the government should look into the growing problem of smuggling and the proliferation of cheap imported goods.

"The majority of (Filipino-Chinese) are in the manufacturing sector and as such are the hardest hit by the problem of smuggling," he said.

Sy said the Federation of Filipino Chambers of Commerce and Industry has launched the "Buy Pinoy" campaign nationwide to counter the problem.

"The intention of ‘Buy Pinoy’ is to save jobs," he said. "It’s not just a matter of nationalism, it’s more a matter of survival."

Sy said several Filipino-Chinese-owned manufacturing firms have either shut down or retrenched employees as a result of rampant smuggling.

Filipino-Chinese businessmen hope the "Buy Pinoy" campaign would not only strengthen the domestic market but also create new jobs, he added.

Considered the head organization of the Filipino-Chinese community, the Federation of Filipino Chambers of Commerce and Industry is said to be the biggest in the country, with 165 members nationwide.

Meanwhile, Mrs. Arroyo declared yesterday June 9 as Filipino-Chinese Friendship Day.

Mrs. Arroyo made the announcement during opening ceremonies of the Second National Convention of the Chinese-Filipino Business Club Inc. (CFBCI)

"June 9 coincides with the establishment of the formal diplomatic relations with your home, the Philippines, and your ancestral mother land, China," Mrs. Arroyo said.

In brief remarks, CFBCI executive vice president Aw Peng Lam said Mrs. Arroyo’s visit to Chinatown on April 23 last year served as an "inspiration to our commitment to be partners of the government."

In ceremonies at Malacañang, Mrs. Arroyo presented the Exemplary Service Award to CFBCI president Dante Go.