PCCI optimistic on PH growth prospects

MANILA – The Philippine Chamber of Commerce and Industry (PCCI) on Thursday lauded the government's initiatives to further improve the country's business environment.

In a press briefing for the 49th Philippine Business Conference and Expo (PBC&E), PCCI President George Barcelon said while several challenges should still be addressed by the government, "there is also a general sense of optimism on the current administration’s commitment to improve the business environment – both in terms of processes and procedures, and in terms of providing the infrastructure that could significantly ease and lower the cost of doing business in the country."

Barcelon said these include addressing bottlenecks in business registration and processing, streamlining investment application process, and integrating the services of various government offices.

"President Ferdinand R. Marcos Jr. has also clearly spelled out his commitment to retain infrastructure spending at 5-6 percent of the GDP (gross domestic product) and complete the infrastructure projects started by the previous administrations," he said.

Barcelon also cited the efforts to include in the priority legislative measures the Tatak Pinoy and National Quality Infrastructure, which he said could strengthen domestic manufacturing and the Comprehensive Infrastructure Masterplan, which will lay out the country’s strategy of its infrastructure projects.

However, Barcelon said the PCCI is closely working with the government to upskill and reskill the labor force, improve local government units' investment-readiness, and provide policy recommendations to further spur economic growth.

He said the business community is still optimistic about the country's growth prospects despite the slower-than-expected economic growth performance in the first half of the year.

Barcelon added that despite the headwinds such as the ongoing war in Israel and high interest rates, they are hopeful that consumer spending will drive growth in the remaining months of the year.

"We'd like to be positive that in the next two months or so, the sloppiness of the economy in the last quarter can be negated," he said.

PH business conference

The PCCI is currently finalizing its resolutions that will be handed over to President Marcos during this year's PBC&E on Oct. 25 to 26 at the Manila Hotel.

Leading up to the PBC are five business conferences in strategic areas in north and south Luzon, Metro Manila, Visayas and Mindanao, where the PCCI solicits programs and policy recommendations of the local business community from which PCCI will generate its set of PBC resolutions.

Over 1,500 local and foreign delegates are expected to participate, meet and explore new business opportunities and partnerships during the two-day event.

Vice President and Department of Education Secretary Sara Duterte will attend the conference.

PBC&E chairman and architect Felino Palafox Jr. said Duterte’s attendance at the conference is a show of her commitment to collaboratively work with the private sector in bringing the country’s educational system and workforce to first-world standards.

“Upgrading our educational system is really crucial towards achieving PH2050 vision. We should invest in the future of our young population so they can contribute to the economic prosperity of our country,” Palafox said.

This year’s conference aims to discuss, analyze and present actionable recommendations on the various issues that support the agenda of making the Philippines an industrialized economy in 27 years.

The 49th PBC&E will cover discussions on education, infrastructure, industry competitiveness and local governance, and will likewise feature messages from foreign officials. (PNA)