The Federation of Filipino Chinese Chambers of Commerce and Industry, Inc. (FFCCCII) expressed optimism on the country’s continued growth despite global challenges in the Year of the Dragon.
FFCCCIII president Cecilio Pedro, who spoke during the Foreign Correspondents Association of the Philippines (FOCAP) economic forum at Manila Hotel Thursday, outlined initiatives that would help the country survive the global slump and domestic issues on wage, inflation and food supply.
“Moving forward, we believe that we can do better this 2024, if we as a people unite and focus on strengthening our Philippine economy,” he said.
Pedro, founder of Lamoiyan Corp., the company behind Hapee toothpaste, said that despite reports of economic slowdown in Japan, Germany, Britain, which are traditional trading partners of the Philippines the country’s positive macro fundamentals would prevail to overcome economic uncertainties.
Pedro highlighted the initiative to continue the business reforms by expanding efforts to enhance the ease of doing business, ensuring contract stability and promoting fair competition.
“By this, we meant to uphold free market conditions and work towards reducing oligopolies for a truly competitive business environment,” he said.
FFCCCII said that empowering local manufacturing could improve Philippine economy and alleviate poverty, as the group has long championed the “Buy Pinoy” movement to support Philippine-made goods and create more jobs.
Other initiatives involve the revitalization of export industries, securing affordable and stable energy, accelerating digitalization, modernizing agriculture, constructing more infrastructure and giving a boost to tourism as pillar of Philippine economy and investing in globally competitive education.
“Good-quality and democratic access to education is one great way to solve the age-old challenge of poverty. Hence since 1961, FFCCCII’s flagship program ‘Operation: Barrio Schools’ has donated 6,200 public school buildings, or equivalent to 12,400 classrooms which benefit more than a million public school students nationwide, especially in the far-flung provinces,” Pedro said.
Completing the group’s list of important initiatives are continued social development policies, social capacity building and social justice to alleviate poverty and achieve inclusive growth; continued political and social stability; and fostering economic ties and partnerships with various countries with focus on boosting trade relations with Asian neighbors and traditional partners.
“In our collective vision, we at FFCCCII ardently believe that the conscientious pursuit of these reforms and initiatives will not only fortify the pillars of Philippine economic growth but will also render it more inclusive. We hope our Philippine economy shall be resilient and globally competitive,” Pedro said.