Foreign chamber says more work needed to uplift economy

A+
A
A-

The Joint Foreign Chambers of Commerce in the Philippines said it believed that while economic growth in the Philippines was very encouraging, the country still has a long way to go on the road to becoming a middle-income economy.

 

To do so, the JFC said the country must work on much-needed infrastructure, remove more barriers to the entry of foreign investments and address the need to become part of the Trans-Pacific Partnership and negotiate a free-trade agreement with the European Union.

 

The JFC also reiterated its recommendation that the Philippines focus on more rapid development of seven key sectors, namely, manufacturing and logistics, infrastructure, tourism, information technology, creative industries, agribusiness and mining.

 

In an assessment paper, the JFC said “substantive improvement” has been noted in BPO, policy infrastructure, telecommunications, logistics and the general business environment with emphasis on labor. “Sectors rated as having less improvement, however, were mining, agribusiness, tourism and manufacturing.”

 

“[The Philippines] cannot afford to be complacent about what until now can best be classified as short-term gains and rectification of prior poor governance,” the JFC said. “Today the Philippines has at least two important windows of opportunity, which should not be lost.” Externally, the country has attracted increased attention and respect as foreign manufacturers and other investors seek to relocate or expand to new sites. Internally, President Aquino enjoys high approval ratings for highlighting government’s fight against corruption, raising taxes, and initiating a modern public sector reproductive health policy.”

 

The JFC noted that similar opportunities were lost in the past, underlining the importance of moving the Philippines to a sustainable high growth path with focus on inclusive growth.

 

Even the National Economic and Development Authority has noted that 2013 would be a crucial year for the Philippines. “Given the fiscal space and business confidence, we have the opportunity to accelerate the implementation of development programs to lift the living standard of our people. We need to sustain the growth momentum and achieve inclusive growth. These two objectives need not contradict each other. In fact, inclusive growth is not just a goal but a growth strategy,” said Economic Planning Secretary and Neda director general Arsenio Balisacan.

Disclaimer: The comments uploaded on this site do not necessarily represent or reflect the views of management and owner of INQUIRER.net. We reserve the right to exclude comments that we deem to be inconsistent with our editorial standards.

  • Platypus09

    It is true.

    We have to wait for another 10 to 20 years to see tangible and satisfying results from what we started to experience right now, that is if we can sustain the momentum.

    This definitely depends on lots of things we decide to do as a nation.

  • http://profile.yahoo.com/NJ4K6PNPPF7IDMU43SXWVLGO3M R2r

    Government should break the barriers in agriculture by stopping monopoly. It is commonly observed that farm goods are sold to the traders who dictated a very low price and the fact is most of land owned by farmers are already mortgaged to the businessman just to earn a living. The best way is to strengthen the agricultural cooperatives; support them by training and giving low interest financial assistance, assist them for their products development and finding local and foreign market. Let us support the the Agricultural Cooperative Sectors for they have the bigger role to solidify our economy.  

  • Weder-Weder Lang

    To the foreign chamber, be careful with what you say. Your message contradicts the message of the administration. According to the administration, things are so good now that’s we’ve finally made it. Now you’re saying the administration still has a long way to go.

    A discordant message will land the foreign chambers in trouble. Be careful.

  • i_am_filipino

    INVITE MORE FOREIGN BUSINESS TO GENERATE JOBS. UPGRADE MACHINERIES FOR AGRICULTURE TO GENERATE JOBS.

To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.

Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:

c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City,Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94