THE Federation of Filipino Chinese Chambers of Commerce and Industry, Inc. (FFCCCII) said it is supporting the government’s efforts to achieve economic recovery in 2021 amid the uncertainties brought about by the Covid-19 pandemic.
From this year’s expected economic contraction of 8 percent to 10 percent, National Economic and Development Authority Director-General Karl Kendrick Chua said in the recently-concluded FFCCCII forum that he expects growth rate to reach 6.5 percent next year and 7.5 percent in 2022.
“We, at the FFCCCII, strongly support the country’s approach to gradually reopen our Philippine economy while still upholding strict observance of health protocols,” said Dr. Henry Lim Bon Liong, president of FFCCCII.
The Chambers, according to him, is bullish` that the Philippines can even achieve a 7.5-percent economic growth next year with united efforts from both the public and private sectors, including the people, and if global conditions stabilize like the ending of the trade war between the United States and China.
The FFCCCII lauded the passage of some landmark legislations in the Senate in bolstering business confidence amid the health crisis, such as the Financial Institutions Strategic Transfer Act and the Corporate Recovery and Tax Incentives for Enterprises bill that will add to Bayanihan I and II laws.
“Aside from those, I urge government and the private sector to push ‘Spend, Spend, Spend’ to revive economic activities and consumer confidence,” Lim said. “Another top priority should be support for higher agricultural productivity.”
A public-private sector led initiative called the “Masaganang Ani 300” was launched by the Department of Agriculture, GoNegosyo and SL Agritech to help Filipino rice farmers increase rice production to 300 cavans per hectare using modern hybrid rice technology.
SL Agritech is considered the biggest hybrid rice seedlings producer in the Philippines.