PCCI expects 2015 to be a ‘good year’

MANILA, Philippines–The Philippine Chamber of Commerce and Industry, the country’s largest business group, remained bullish on its members’ prospects next year, as it expects the country’s economy to grow by 7 percent.

According to PCCI president Alfredo M. Yao, the group expects 2015 to be a “good year” with the expected start of election-related spending and increased infrastructure spending from both the government and private companies that bagged contracts for public-private partnership (PPP) projects. These spending activities and infrastructure projects are expected to go full steam ahead next year.

“We expect our Gross Domestic Product to grow by 7 percent next year, and maybe this year, our economy can grow around 6-6.5 percent. Exports are also doing good for 2014 and 2015 as well,” Yao added.

But to sustain the country’s economic growth momentum, Yao urged the Aquino administration to act on the PCCI’s proposed eight-point recommendation, as presented during the 40th Philippine Business Conference (PBC) in October this year.

“Our wish list remains the same. We presented some proposals to the government last October and hopefully, the government could act on them, at least even for just half of those proposals. And, of course, we also wish that there wouldn’t be natural calamities next year,” Yao said.

These recommendations, which are deemed critical in making the Philippine business environment more conducive to local and foreign investors, centered on energy and power; human resource development; Asean economic integration; port congestion; traffic congestion; infrastructure projects; agriculture; and rehabilitation and recovery projects for areas devastated by Supertyphoon Yolanda in Eastern Visayas.

Energy and power topped the list of the PCCI wish list, especially in light of a power supply shortfall in Luzon next year, which is expected to reach roughly 600 megawatts.

The group earlier warned the government against implementing various band-aid or stop-gap measures meant to avert a supply crunch next year so that the public would not end up being burdened by high power rates.

According to the PCCI, the national government must come up with an integrated and sustainable energy road map, and implement the proposed demand aggregation and auctioning policy to attract more direct investments in power generation.