Traders list 12 initiatives to boost economy in 2024

Political stability, globally competitive education among recommendations

MANILA, Philippines — Political stability, a globally competitive education and predictability of contracts are among the 12 initiatives that the country should undertake to strengthen the Philippine economy this year, according to an alliance of Filipino-Chinese entrepreneurs.

The Federation of Filipino-Chinese Chambers of Commerce and Industry Inc. (FFCCCII) made the pronouncement yesterday at a forum organized by the Foreign Correspondents Association of the Philippines (FOCAP).

FFCCCII president Cecilio Pedro said federation members are optimistic about the country’s economic growth this year.

“The Philippine economy remains resilient amid all the global challenges because our people are resilient and the Philippines still has positive macroeconomic fundamentals,” Pedro said.

“There have been latest news reports of economic recessions in Japan, Germany, Britain and other economic uncertainties, but we face the typhoons of life head-on, and adapt to whatever the situation is,” he pointed out.

Pedro emphasized that the economy can perform better this year with the implementation of a number of initiatives.

These include continuing business reforms, empowering local manufacturing, revitalizing export industries, securing affordable and stable energy, accelerating digitalization, modernizing agriculture and infrastructure development.

Other initiatives highlighted by Pedro are investing in education, social development, boosting tourism, ensuring political and social stability and having global economic cooperation.

“Advocate for continued social development policies, social capacity building and social justice to alleviate poverty and achieve inclusive growth. Promoting social welfare has always been at the core of FFCCCII’s mission ever since, through our barrio schools donations, free medical and dental missions, support to volunteer fire brigades, calamity relief operations and other philanthropy,” Pedro said.

The FFCCCII president also stressed the need for political and social stability as well as global economic cooperation.

“Continued political and social stability is the foundation for sustained economic growth. And a unified nation with a strong partnership between the government and the citizenry is necessary to attain this,” Pedro said.

In line with continuous business reforms, Pedro stressed the need for greater ease of doing business, promotion of efficiency and reduction of bureaucratic red tape to attract more investments.

“Assure both foreign and local investors of the stability and predictability of contracts and policies to instill confidence in the business environment, insulate and assure sanctity of contracts,” Pedro said.

Export

The FFCCCII official also called for the implementation of reforms and strategies to strengthen export industries, providing increased incentives and comprehensive support to enhance Philippine global competitiveness.

To empower local manufacturing, Pedro pointed out the need to recognize the significance of local manufacturing as the backbone of the Philippine economy.

“We at FFCCCII have long championed the ‘Buy Pinoy’ movement to support Philippine-made goods and to create more jobs,” Pedro said.

He also recognized the crucial need for a cost-effective and stable energy supply to boost the competitiveness of businesses and industries.

The group also underscored the importance of the continuous improvement of infrastructure – including transportation – to facilitate economic activities and support balanced, equitable growth in all regions.

“FFCCCII advocates for faster and more comprehensive digitalization across businesses, government services and public online services to enhance efficiency and connectivity of the whole Philippine economy,” Pedro said.

He also called for the prioritization of the modernization of agriculture to ensure lower food prices, enhance food security, promote sustainable farming practices and alleviate the age-old problem of rural poverty.

In terms of boosting tourism as an economic pillar, Pedro is pushing for the promotion of Philippine heritage and nature sites as the nation’s treasures, as well as for a sustainable tourism that protects the environment and allows rural economies to thrive.

“We at FFCCCII hope that the Philippines can compete with our ASEAN neighbors to be a global leader in tourism,” Pedro said.

Moreover, Pedro also noted the need to invest in a globally competitive education in order to harness the Philippines’ abundant human resources.

He also called for social development initiatives.

He emphasized that the country should foster economic ties and partnerships with various countries with focus on boosting trade relations with its Asian neighbors, traditional partners like China, ASEAN neighbors, USA, EU, Japan, South Korea and others, for economic growth and resilience.

“Allow me to affirm that our Federation, in unison with our extensive nationwide membership, stands unwaveringly in support of nation-building and sustainable, inclusive socio-economic progress,” Pedro said.