PH reports progress on reforms to boost trade

THE GOVERNMENT has already tackled more than half, or 65 percent, of the reforms proposed by foreign businessmen to help the Philippines boost trade and investment relations with other countries.

“Some of the recommended actions for the government have just started, some have been completed, while others are in substantial progress,” said Rhicke Jennings, president of the American Chamber of Commerce, during the 2013 Arangkada Philippines Forum held in Makati City Tuesday.

Local and foreign business leaders and government officials attended the event where the 471 reforms proposed by local and foreign investors were discussed.

The forum, with the theme “Realize the Potential,” was organized by the Joint Chambers of the Philippines.

Earlier, the business group announced its target to create 10 million jobs and generate over P1 trillion in tax revenues over the next 10 years.

Jennings said the 65-percent compliance rate of the Philippines was an improvement from last year, when the country had only carried out 51.5 percent of the total recommendations.

Of the 471 recommendations, 11 have been completed and 74 are being undertaken.

Although Jennings said the figures were encouraging for investors, “the realization of the country’s potential remains a distant but achievable goal” as the economic growth has not been inclusive the past decades.

“These successes were just the beginning. There would be no relaxation in our efforts,” he said.

The JFC cited “big winner” sectors that needed reforms such as agribusiness, creative industries, information technology, infrastructure, manufacturing and tourism.