SUPPORTING BUSINESS SECTOR. Special Assistant to the President for Investment and Economic Affairs Secretary Fredrick Go (left) receives the Philippine Business Conference (PBC) Resolution from PCCI chairman of 50th PBC & Expo Raymund Jude Aguilar at Marriott Grand Ballroom in Pasay City on Wednesday (Oct. 23, 2024). The PBC Resolution contains PCCI’s recommendations to the administration to support Filipino businesses and economic growth. (PNA photo by Kris Crismundo)
MANILA, Philippines – President Ferdinand Marcos Jr. has assured members of the country’s largest business organization, the Philippine Chamber of Commerce and Industry (PCCI), of his administration’s support in advancing local businesses.
In his speech at the 50th Philippine Business Conference & Expo (PBCE) in Pasay City Wednesday delivered by Special Assistant to the President for Investment and Economic Affairs Secretary Fredrick Go, the Chief Executive said the administration has implemented programs and pushed for legislation that will facilitate the growth of businesses to support the expansion of the economy.
“We have always stood by you, and you have supported the transformation strategy that we have set in motion since 2022. When we came into office, we immediately implemented reforms in existing policies to ensure business continuity,” Marcos said.
Among the reforms and policies of the Marcos administration that supported the growth of Philippine businesses and the economy include the launching of the Electronic Local Government Unit (eLGU) in 2023, the establishment of green lanes to fast-track permitting and licensing of strategic investments, and streamlining the processing of permits for the construction of information and communications technology infrastructure through Executive Order 32.
President Marcos added that the amendments to the Public Service Act and passage of the Public-Private Partnership or PPP Code of 2023 also facilitated foreign investments and strengthened the partnership between the government and the business community.
“Hearing the feedback of the private sector, we worked with Congress to improve on its provisions to make investing in the Philippines more attractive. The CREATE Maximize Opportunities for Reinvigorating the Economy or CREATE MORE is now in its final stages in the legislative process,” he said.
The Marcos administration has also pursued initiatives to improve the quality of the local workforce, like the Philippine Skills Framework and the Skills Training for Employment and Entrepreneurship Program.
“We continue to find new pathways for our economy to succeed, especially in today’s fast-changing technology. Through the National Innovation Agenda and Strategy Document 2023-2032, we ensure that our country’s innovation ecosystem would pave the way for a smarter and more resilient Bagong Pilipinas,” he added.
The government also improved access to finance for Filipino micro, small, and medium enterprises (MSMEs) through the Rise-up Multi-Purpose Loan, Rise Up Tindahan, and Pondo sa Pagbabago at Pag-asenso.
The PCCI handed over to the administration this year’s PBC Resolution through President Marcos’ economic czar.
The Resolution focuses only on three areas but the group provides detailed action requests for the administration to implement.
The focus areas of PCCI’s Resolution include achieving food security, human resources development, and more investments and job creation.
Annually, PCCI submits its PBC Resolution to the President, enumerating its recommendations to the government that will further support economic growth and help Filipino businesses to expand.
In achieving food security, the business group recommended to establish a Technology Task Force that will innovate farming technology; revitalize plans for key sectors such as coconut, hog, and aquaculture; support agricultural cooperatives; invest in logistics infrastructure; and amend the Agrarian Reform Law.
For human resources development, PCCI pushed for amending the Philippine Qualifications Framework; establishment of research and development centers; improving the healthcare system; and implementing malnutrition intervention programs.
To lure more investments and create more jobs, the business group recommended engagement in regulatory assessments, enacting comprehensive investment legislation, developing infrastructure master plan, and accelerating digital transformation in local government units across the country.
Meanwhile, Go said the administration will continue working with the business community in creating a Bagong Pilipinas where businesses flourish and Filipinos are given opportunities to succeed.
“My marching order from the President when I assumed this office was to help ensure the effective integration and implementation of various investment and economic policies of the government. And your insights in this regard will be highly appreciated,” Go added. (PNA)