Tsinoy firms urge further reforms

MANILA, Philippines  —The Federation of Filipino-Chinese Chambers of Commerce and Industry Inc. (FFCCCII) on Thursday called for continued reforms to improve the country’s business environment, outlining 12 key initiatives that it urged the government to implement.

FFCCCII president Cecilio Pedro said the government must expand ongoing efforts to enhance the ease of doing business, promote efficiency and reduce bureaucratic red tape to attract more investments.

READ: FFCCCII renews commitment to champion a stronger, more globally competitive PH economy

He added that the government must create a sound business environment by ensuring contract stability and promoting fair competition.

Pedro also sought added support for the local manufacturing industry to flourish and better compete in the global marketplace.

‘Buy Pinoy’

“We at FFCCCII have long championed the ‘Buy Pinoy’ movement to support Philippine-made goods and to create more jobs,” Pedro said in his speech at the forum organized by the Foreign Correspondents Association of the Philippines.

Other important measures cited by the FFCCCII official include revitalizing the export industry, securing affordable and stable energy, accelerating digitalization, modernizing agriculture, infrastructure development and boosting tourism.

He also said that investments must be made in the education sector, as well as in promoting social development and political and social stability.

Likewise, Pedro highlighted the importance of fostering global economic cooperation with economies like China, the United States, the European Union, Japan and South Korea.

Optimism

Additionally, the chamber official expressed optimism for the country’s economic situation this year, amid a number of headwinds on the horizon.

“The Philippine economy remains resilient amidst all the global challenges because our people are resilient and the Philippines still has positive macroeconomic fundamentals,” he said.

He said that in the past two years, the big challenge that concerned them was inflation, which averaged at 5.8 percent in 2022 and 6 percent in 2023.

“Recently, things have been improving and we welcomed the news of the Philippines’ inflation rate slowing down to 2.8 percent in January 2024, which is a further decrease from the 3.9 percent inflation rate in December 2023,” Pedro said.