FFCCCII: PH to see economic growth despite nCoV

Published February 12, 2020, 12:00 AM

by manilabulletin_admin

By Minka Klaudia Tiangco

Despite the threat of the 2019-novel coronavirus (2019-nCoV), the Philippines may still see economic growth, the Federation of Filipino Chinese Chambers of Commerce and Industry, Inc. (FFCCCII) said.

Dr. Henry Lim Bon Liong, FFCCCII president, said in a statement that they remain optimistic about the country’s growth prospects, ranging from 6.5 to possibly 7.5 percent.

Henry Lim Bon Liong, president of the FFCCCIII
Henry Lim Bon Liong, president of the FFCCCIII

“We hope that this nCoV problem of China and the world shall end soon, hopefully like the previous SARS problem of 2003, then the economies of Asia shall surely recover again fast,” he said.

“Many entrepreneurs of the Filipino Chinese community have faith in the vast potentials and resilience of the Philippine economy, and we shall continue to invest and reinvest due to the country’s good long-term potentials, regardless of this hopefully short-term coronavirus problem,” he added.

Should the 2019-nCoV problem continue for several months, the FFCCCII president assured that Filipino-Chinese businessmen are patient and long-term investors, and that the Philippines has weathered worse threats to economic growth before the outbreak.

Liong said the continuous infrastructure projects in the country will modernize Philippine economy and accelerate growth.

The FFCCCII also called on lawmakers to pass the Corporate Income Tax and Incentives Rationalization Act (CITIRA) bill that will bring the Philippine corporate income tax 20 to 30 percent down over a span of 10 years.

Liong also urged tourism officials to take advantage of the temporary travel ban being enforced to upgrade the historic and cultural tourist destinations all over the country.