PCCI 41st Business Conference: One Global Filipino
I was given the task of moderating the second plenary session of the recent Philippine Chamber of Commerce and Industry’s 41st Philippine Business Conference and Expo at the Marriott Grand Ballroom, where the topic was “Agenda for Competitiveness: The Infrastructure Sector.”
Experts agree that infrastructure development is a critical component in driving economic growth, reducing poverty and creating good jobs. Transportation infrastructure in particular keeps people and goods moving, not to mention strengthen the economy, connect communities and improve the quality of life for everyone. It plays a major role in boosting a country’s productivity, encourages competition and plays a major role in attracting investments particularly from foreign investors. The quality of infrastructure as well as accessibility helps businessmen make decisions — on whether to increase their business investments or look elsewhere in the region.
We had Public Works and Highways Secretary Babes Singson, International Container Terminal Services Inc.’s Roberto Locsin, Megawide’s Martin Giordan, SMC Holdings chief finance officer Raoul Eduardo Romulo, Oxford Business Group managing editor for Asia Paulius Kuncinas and NEDA Undersecretary Rolando Tungpalan as panelists, and it was enlightening to hear what they have to say about the state of infrastructure in the country and their suggestions on how the Philippines can become attractive to investors.
The expo theme “One. Global. Filipino. Synergies in Partnerships and Global Competitiveness” was certainly appropriate considering the upcoming ASEAN economic integration and the advent of globalization. The recent completion of the Trans-Pacific Partnership (TPP) trade pact by the US, Canada, Japan, Australia, Singapore and other Pacific Rim nations has shifted the focus on these countries that represent 40 percent of global GDP.
Experts noted that the government has been under-investing in infrastructure — manifested in the country’s low ranking in global competitive surveys. According to Secretary Singson, the budget for infrastructure should be seven percent of GDP and not the current five percent. Kuncinas also pointed out that the Philippines is considered a “closed economy,” which is why it needs to open up in order to attract investors. Other issues that were discussed included conformity and regularity as far as the law is concerned, policy issues and investment risks on infrastructure projects, an overburdened bureaucracy, red tape, transparency and investments on technology since connectivity should not be limited to the physical sense but in terms of cyberspace and the information highway.
Congratulations to the PCCI and its leadership led by president Alfredo Yao and conference chairman Benedicto Yujuico for a successful event! Photos by Ramon Joseph J. Ruiz
