THE Federation of Filipino Chinese Chambers of Commerce & Industry Inc. (FFCCCII) on Wednesday expressed bullishness on the Philippine economy despite the global adversities such as the war in Ukraine, where the Russian invasion just marked its tenth month.
“We at the Federation of Filipino Chinese Chambers of Commerce & Industry Inc. [FFCCCII] are optimistic that Philippine economic growth in 2023 shall be between 6.5 to 7.5 percent and that Asian economic recovery shall continue, despite many gloomy forecasts about world economic recession next year due to expected USA recession, the global inflation, high interest rates and EU economic turmoil due to the Ukraine War with Russia,” FFCCCII President Dr. Henry Lim Bon Liong said at the Pandesal Forum in Quezon City.
“We believe that Philippine economic and demographic fundamentals are positive, the ASEAN economic dynamism shall continue and the world’s No. 2 biggest economy China shall do well in its reopening after the global pandemic,” he added.
Moreover, Lim said the organization is adopting an optimistic yet realistic 2022 FFCCCII economic forecast after consulting its 170 member organizations around the country.
Despite the global upheavals, Lim said the Philippines is still a source of hope and recovery for Asia due to its positive economic and demographic fundamentals. He noted that the leadership of President Ferdinand R. Marcos Jr. is committed to upgrading infrastructure, improving agriculture, where he wears a second hat as department secretary, and pushing many reforms.
’Great opportunity’
ON January 3, the FFCCCII will join the business delegation for the China state visit of the President upon the invitation of the Department of Trade and Industry (DTI).
He said the historic state visit is very important to the growth potential of the Philippine economy, because China is the country’s most important economic and trade partner, the world’s emerging new economic superpower, and an Asian neighbor.
“This state visit of President Marcos is a great opportunity to use our high-level diplomacy to promote more Philippine business and economic cooperation with China. Let us maximize the goodwill and deep sense of history of the Chinese people to boost Philippine economic cooperation, reminding our friends in Beijing that it was the parents of the President who pioneered opening official diplomatic relations between Manila and Beijing at the height of the Cold War, four years ahead of the United States’ opening of official diplomatic relations between Washington and Beijing.”
Lim also stressed that China can help accelerate Philippine economic growth and be a catalyst for Asian economic growth since it is now already the world’s second biggest economy and also the world’s leading consumer market—with about 16 trillion yuan ($2.3 trillion) in excess household savings between 2010 and 2022.
He urged the Philippines to export and sell more to China, maximize diplomacy and traditional ancient friendship for more business, investments, assistance and partnerships.
“We are hopeful for enhanced Philippines-China economic and development partnership, especially in areas of agriculture, trade, infrastructure, energy, tourism, and people-to-people exchanges,” he explained.
In infrastructure, China has extended support to the Philippines through various development projects such as the multibillion-peso projects of the modern Estrella-Pantaleon Bridge connecting Makati and Mandaluyong, and the Binondo-Intramuros Bridge in downtown Manila, among others.
Likewise, there are opportunities to explore technological cooperation in telecoms, bioscience, medical science, energy, mining, and industrial development, the industry leader pointed out. Lim said FFCCCII advocates to promote fisheries cooperation between rural coastal fishing communities of both countries, security, peace and order, disaster preparedness, public housing, public health and anti-terrorism cooperation.
He hopes the state visit can help woo more China industrial export enterprises to invest here in the Philippines, because many of China’s export factories have been going to Vietnam, Thailand, Cambodia, and Indonesia these past years.
Bizmen’s pitches
Meanwhile, Cecilio Pedro, vice president of FFCCCII and founder, Hapee Toothpaste/Lamoiyan Corp., urged Filipinos to support locally-made products to boost the economy. In the case of Lamoiyan, he said Hapee toothpaste is a boon to Filipino consumers as it is selling at a lower price compared to its competitors.
“Although they are locally available, these products have to pay licenses and royalties that will make them more expensive to the local products,” he said.
Jeffrey Ng, vice president of FFCCCII and president, Astoria Hotels and Resorts said in the open forum the country must prepare for the huge arrival of tourists from China once it relaxes the travel restrictions.
The three FFCCCII officials agreed that it is time to explore the use of nuclear energy to achieve energy security, economic growth and affordable power.
“Nuclear energy will make the economy run towards greater productivity,” Liong said.
“Even developed countries are now exploring the use of nuclear power again. There are now modern technologies that can handle issues such as nuclear waste disposal and safety,” Ng said.
“Our economy needs nuclear power to cope with the increasing power demand. Modern technologies like the small modular reactors can provide the energy needs of the country’s more than 7,000 islands,” Lim said.
Image credits: Mark Nilo Odiaman