The Philippine economy should be reaching 7.0 percent growth in 2013
given the strong momentum from all sectors including the implementation
of the government's flagship infrastructure projects under the
Public-Private Partnership (PPP) program, the entry of new manufacturing
projects and the bullish stock market.
"The Philippine economy should perform even better in 2013. We should
be hitting 7 percent or higher," said Francis Chua, vice-chairman of
the Philippine Chamber of Commerce and Industry (PCCI). GDP growth this
year is expected to settle at 6.5 percent.
Chua said that huge Chinese investments cannot be relied upon because
of the ongoing territorial dispute, but he said that the Philippine
relations with China is not unique since other countries like Japan,
Korea and Russia and other ASEAN countries are also having similar
territorial disputes versus China.
Despite the situation, Chua said, economic relations with China will
continue between the two countries because most of the country's mineral
exports like copper ore are being processed in China.
"Despite what is happening, the economic benefits will always be there," he added.
"But we in PCCI are promoting investments to all countries, not just
China," he said noting the new wave of manufacturing projects that came
into the country this year.
Another economic booster in 2013 is the implementation of PPP
projects. He said these are big infrastructure projects in road
networks, airports and railways that should start construction already
after two years in the making.
Also, the Philippine stock market, which is the most visible sign of a
vibrant economy, has been outperforming itself registering 37 all-time
highs so far this year. This means that investors are betting on
Philippine companies.
Earlier, PCCI president Atty. Miguel B. Varela painted a brighter
prospect for the domestic economy next year stressing growth momentum
would be sustained by the influx of new investments and the Aquino
administration's drive for good governance. "We in PCCI acknowledge the
strong and positive image that the country is illuminating globally,"
Varela said noting that such influx of business delegations from the
different parts of the world is a real reflection of the good impression
the Aquino administration has been generating.
"We are optimistic that our current economic growth will continue to
unleash the strong fundamentals of the Philippine economy as we head
towards an integrated ASEAN in 2015 and further lurk the possibility of
integrating with the rest of East Asia and the Pacific," he added.
The PCCI alone, he said, has hosted 30 foreign business delegations this year.
He cited the investment upgrades, record stock market index, improved
competitiveness and corruption perception rankings, strong peso, stable
inflation and record growth in our dollar reserves which provides the
statistical evidence of the resurgence of the Philippine economy.
"Indeed, we are experiencing the boom cycle," Varela said.
This positive image, he said, has made the Philippines one of the
darlings of investors in East Asia, joining powerhouse economies like,
China , Indonesia , Malaysia , Viet Nam and Singapore as front-runners
in experiencing a new wave of economic growth.
Varela, however, said that while the business community is
optimistic of the growth potentials for next year, they are also mindful
of the challenges that still need to be addressed to secure the
country's proper place in global business and international trade.
Varela said that PCCI will further intensify its investment and trade
promotion activities next year to promote country, especially the
provinces, as an investment destination.
"There is much potential for further trade and investment,
particularly from non-traditional markets like the Czech Republic,
Turkey, Oman, Qatar, South Africa and Latin American countries", Varela
said, emphasizing that this year alone, PCCI has hosted about 20 trade
missions and foreign business delegations. These include the countries
earlier mentioned as well as Japan , Germany , Italy , India , the
Kingdom of Saudi Arabia , Taiwan and the USA .
Varela added that these countries are looking at Mindanao, following
the signing of the historic Bangsamoro Framework Agreement, the peace
accord that is seen to open the gates to investment inflows and realize
the full potentials of Mindanao , the country's food basket.
"Our local chambers are already collecting data on the sectors which
have the most potential in each region, as well as cooperating with
their respective LGUs to improve the business process and licensing
procedures. Doing so and bringing investors in Mindanao will help secure
long-term peace and stability in the region," Varela said.(BCM)
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Knowing that growth forecast for 2013 would be reaching 7%, slightly higher than this year, still, it is lower compared to other countries. But with the efforts brought and will be brought by co-Filipinos in bringing and persuading more investors, I think that this news is a way to show that Philippines is not being left behind despite the fact that many calamities struck our country. I'm happy, not just with the growth forecast, but also the interest of other countries at Mindanao. This would bring up the full potentials of Mindanao.
