Top executives in the country said the government should re-prioritize infrastructure projects to have a better chance of achieving economic success.
AC Energy Holdings Inc. president and chief executive John Eric Francia said during the Oxford Business Group launch of the 2017 Report on Philippine Growth Wednesday the government should pick out programs and projects critical to inclusive growth.
“This administration should prioritize (infrastructure programs). It can’t do all,” he said.
Also in the launch were Hewlett Packard Enterprise country general manager Hans Bayaborda, Global Gateway Development Corp. president Michael Russell and City Savings Bank and Union Bank head of retail and corporate banking Eugene Acevedo.
Francia said the government should allow the private sector to take the lead in infrastructure development as well as in manufacturing.
The government has virtually abandoned the public-private partnership mode in building infrastructure projects in favor of official development assistance loans.
Francia said he also had reservations on the capacity of the government to carry out the “manufacturing renaissance”
Power and manufacturing formed part of the recent OBG report that also include the Philippines’ tourism industry, which is benefiting from a high-profile, aggressive marketing campaign.
Based on the report, the new government remains steadfast to overhaul the country’s transport infrastructure as it moves to improve connectivity and address gridlock issues.
OBG’s CEO Andrew Jeffreys said the Philippines’ strategic location in a fast growing region and well-educated, relatively low-cost workforce has given it an advantage over several other investment destinations.
“Years of sound GDP growth and FDI have put the Philippines on a firm footing as it adjusts to a change in leadership. With a raft of reforms in the pipeline aimed at further sharpening the economy’s competitive edge, the country is well placed to build on its solid foundations,” he said.
OBG managing editor for Asia Paulius Kuncinas noted that rising consumer incomes were adding to the Philippines’ attractions.
“The nation’s regions are attracting both domestic and international interest, buoyed by their labor market potential and de-centralization efforts,” he said. “With a high-profile president in place who has made clear his plans for driving new growth, expectations for the Philippines are on the rise.”