The Philippines was on its way to economic progress until the pandemic disrupted its path to its envisioned progress. The consolation of this global experience is that it affected even the most developed countries and that the adversity may have triggered the further strengthening of the strong and resilient economic fundamentals. The role of the private sector cannot be understated, both in good times and in bad.
With the easing of the economic restrictions, there is optimism that the economy will be able to rebound immediately. Massive investments in infrastructure are observable. The adoption of sound fiscal and monetary policies and several business-friendly reforms have attained for the country consecutive positive investment grade credit ratings. There is a perceivable improvement in the country’s profile in the local and international business communities. This laid the groundwork to attract more foreign direct investments and the expansion of the domestic enterprises.
The Philippine Chamber of Commerce and Industry (PCCI), being the voice of business in the Philippines, declared that the Philippines is ready and open for business. This optimism filled the air of the 48th Philippine Business Conference and Expo (PBC & E) held on October 19 and 20 at the Manila Hotel. The business people from all over the country, as well as guests from all over the world, flocked to engage in discussions curated to benefit business in particular and the country in general. The Exposition chaired by Mila Lacson was a big hit communicating the readiness of Philippine businesses, especially the MSMEs.
The new administration, through the president and vice president themselves, as well as key Cabinet members, took turns in presenting to the private and business sectors the governance agenda across various areas of the Filipino lives.
The PCCI, through its President George Barcelon, handed to President Ferdinand Marcos Jr. a 10-point resolution, which, according to Mr. Edgardo Lacson, Chair of the Committee tasked to craft it, is probably the most comprehensive, focusing on the major areas of economic development. Consultations were made, nationwide, through the Area Vice Presidents of the PCCI and other business associations. Chairman Lacson assured the President that “If you can implement all of these, it will lead to a quantum leap that solves all the major problems of the country.”
The first resolution is on Food Security. It urges the national government to achieve food security by:
1) amending the Agrarian Reform Law to increase land retention limit from 5 to 24 hectares.
2) implementing a debt condonation program for unpaid amortizations of Agrarian Reform Beneficiaries, and
3) converting Certificates of Land Ownership Award (CLOAs) into simple titles.
The second resolution is on Health. This resolution urges the national government to reform the PhilHealth into a science-based and transparent healthcare system and to encourage Public-Private Partnerships (PPP) in the implementation of the Universal Healthcare Law.
Employment takes the third area of concern of the business sector. The resolution urges the national government to work together with the private sector to reenergize the economy by supporting new investments to
1) generate employment,
2) provide assistance to pandemic surviving MSMEs,
3) amend all restrictive and punitive labor laws and
4) enact laws that will increase productivity.
Gladly, the PCCI is taking active advocacy for Education. A resolution was passed urging the national government to amend the Philippine Qualifications Framework (PQF) Law to create a Philippine Qualifications Authority (PQA) which will establish and maintain Qualification standards for all levels of education and training. During the pandemic, the PCCI convened the Education Task Force under Dr. Alberto Fenix to finalize recommendations on the improvement of the competencies of the human resource for the world of work.
National Security is seen by the business sector as a major concern. Resolution was passed urging the national government to deepen cooperation with neighboring states, expand participation in regional and multilateral defense agreements while accelerating the Modernization Program of the Armed Forces of the Philippines.
Being active in the promotion of innovation and technology, Digitalization also took center stage in the resolutions passed by the PCCI. A resolution was passed urging the national government to develop and implement a nationwide Internet connectivity program that is reliable and competitive by passing into law the Open Access in Data Transmission Act. Having Mr. Ferdinand Ferrer, an ICT advocate as PBC Chairman, it is expected that technology will take centerstage in the conference. The pivotal role of digital infrastructure and breakthrough technology in a fast changing world has to be revisited on its readiness to enable competitive business.
Environment and Climate Change had long been a major concern of the PCCI and the business sector in general. The PCCI is urging the national government to address climate change and environmental protection by developing public-private partnerships (PPPs) to establish world-class water and waste management infrastructure. The central elements of the inclusive economy was tackled in the conference around the areas of manufacturing, BPOs, and creative industry along with natural capital in agriculture, fisheries, tourism, hospitality, mineral resources and forestry.
Power is a major challenge among the utilities in the country that affects business. And the PCCI urges the national government to accelerate the integration of the Luzon, Visayas and Mindanao grids to enable the free flow of electricity nationwide and for the DOE to amend the Implementing Rules and Regulations of the Renewable Energy Act to allow 100 percent foreign investment in solar and wind projects.
The business sector is fully aware that Transportation causes problems in the country’s economic development. The PCCI urges the national government to provide world-class integrated transport systems and decouple the regulatory and commercial functions of the Philippine Ports Authority (PPA) and other similarly situated transport agencies. Ensuring transport connectivity and reducing logistical costs are of primordial importance in moving the agenda of enabling growth outside Metro Manila.
Lastly and in the context of globalization and International Trade the PCCI urges the national government to hasten the ratification of the Regional Comprehensive Economic Partnership (RCEP) and to join bilateral free trade agreements and trans-pacific partnerships to minimize barriers to the free flow of goods and services. In a market dynamics and technological innovations that challenges business, effective alliances and economic partnership is essential towards achieving a competitive edge and greater chance of success. In a plenary, China Ambassador H.E. Huang Xilian and US Embassy Official Heather Variava shared the stage to ensure the healthy relationship of the Philippines with their respective countries.
“We shall monitor how the government will implement these resolutions,” assures Mr. Edgardo G. Lacson who acknowledges the team behind its finalization, namely Atty. Anthony D. Bengzon, Dr. Albert P. Fenix Jr., Calixto V. Chikiamco, Atty. Dick Du-Baladad, Jose P. Leviste, Prof. Dindo Manhit, and Mr. Ferdie Diaz.
Optimism is a key character of the resilient entrepreneurs. Their courage is not about the absence of fear but their mastery of fear. With the business leaders and the entrepreneurs that survived and thrived during the pandemic, and a government that gives premium to their situation and points of view, the Philippines can indeed take a quantum leap.
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