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Monday, May 20, 2024

Industry leaders urge coordinated policies and new strategies for economic recovery

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Industry thought leaders called for urgent policy reforms and new development strategies to strengthen the country’s competitiveness through trade and investments for faster economic during a recent virtual round table discussion with Philippine private business groups.

Former Bangko Sentral ng Pilipinas Deputy Governor for monetary and economic sector Diwa Guinigundo, in his keynote address in the virtual business forum hosted by think tank Stratbase Albert del Rosario Institute, said the pandemic requires a well-coordinated mix of policy responses and fresh approaches to ensure successful recovery.

“A number of organizations suffer from slow procedures, complex bureaucracies, and rigid hierarchies. The coronavirus has forced us to break through this rigid system and act nimbly to solve pressing issues,” Guigingundo said.

“A green and inclusive recovery will significantly enhance the resilience of our economies and societies in the face of both the severe recession and accelerating environment challenges,” he said.

Christian Martin Gonzalez, executive vice president of International Container Terminal Services Inc., stressed the urgency to achieve herd immunity to stimulate the economy.

“When we look at herd immunity, we need to look at it not on a broader national level, but in different regions,” Gonzales said.

“You have a number of cities in NCR, if they continue the way they are going now and add private vaccine centers, these cities in NCR can hit herd immunity in September or October,” Gonzalez said.

Rizalina Mantaring, chairperson of the committee on national issues at the Management Association of the Philippines said “the most essential element of crisis leadership is clear and trustworthy communication.”

“People have to believe that their leaders are transparent, honest, understand their situations and can empathize with them,” Mantaring said.

“We need to change our orientation from maximizing profit to building a thriving and prosperous society in order to build that much bigger pie of the consumers of the future. As the saying goes, in a rising tide, all boats rise,” Mantaring said.

Cosette Canilao, president and chief executive of Aboitiz InfraCapital said that “to stimulate the economy and accelerate revival, we must get infrastructure development back on track.”

“One way to do this is through Public-Private Partnerships. Allowing the private sector to develop and build much-needed infrastructure by using their resources and expertise so that government resources can be focused on other special social services to the public,” Canilao said.

“Through PPP [public-private sector partnership], we, the private sector, invest in the development, construction, operation and maintenance thereby taking up the risks associated with it,” Canilao said.

Stratbase ADRi president Prof. Dindo Manhit said that “amid the challenges brought about by the pandemic, the private sector’s creation of a genuine and sustainable value for all entails businesses to embrace the concept of ‘stakeholder capitalism’ and broaden their definition of a stakeholder community makes for a laudable recognition, as the engagement includes not only business shareholders but the whole of society as well.”

“Shaping a responsive roadmap to recovery must integrate the benefits of stakeholder communities with economic continuity propelled by public-private partnership,” Manhit said.

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