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MANILA, Philippines — Mining, tourism, agribusiness, information technology-business process outsourcing, manufacturing, and creative industries are the top local sectors to invest in because of their huge income and growth potential.
This is according to the Philippine Chamber of Commerce and Industry (PCCI), the country’s largest business organization that then urged the government to institute reforms to make these sectors more attractive to both local and foreign investors and help the Philippines catch up with its neighbors.
“Some of our neighboring countries in Asean have really moved fast over the past 10 years. We had been lagging behind them in terms of exports, investments, and trade and we could not afford to be in this situation so we really need to review our policies for us to be attractive to local and foreign investors,” PCCI President George Barcelon said in a statement.
The PCCI official noted that tourism and agribusiness are low-hanging fruits that the government should seriously prioritize and develop, noting that it will lead to many opportunities for Filipinos.
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It cited that in 2022, the tourism and travel industry only contributed 6.2 percent to the country’s gross domestic product (GDP), which is substantially lower than the 12.7-percent contribution it had prior to the pandemic.
The local agribusiness industry, meanwhile, contributed only around 8.9 percent to the country’s GDP in 2022, said Barcelon, when it could contribute as much as 35 percent.
For the mining and mineral sector, the PCCI official noted that the industry was able to boost the country’s growth by P102 billion in 2020 during the pandemic while the manufacturing sector contributed 17.2 percent last year.
“As the private sector takes the lead in mapping out plans for Vision 2050, we hope our government will focus its attention on harnessing these sectors and address the challenges that hinder the country’s economic growth,” said Felino Palafox Jr., who chairs the PCCI’s Philippine Business Conference and Expo scheduled on Oct. 25 to 26.
The conference is PCCI’s annual gathering which serves as a venue for policymakers, business leaders, diplomats, and the academe to meet and discuss issues.
It is also an event where both the government and the private sector come up with policies to shape the business environment in the Philippines.