Filipino-Chinese businessmen call for more spending amid the economic slump.

In a statement, the Filipino Chinese Chambers of Commerce and Industry Inc. (FFCCCII) outlined an 18-point agenda to move the economy, foremost of which is for massive expenditures by both government and the private sector, for the Philippine economy to recover.

 FFCCCII Chairman Henry Lim Bon Liong has called the Filipino-Chinese business community to continue spending to help the government.

“The FFCCCII calls upon all entrepreneurs and professionals of our Filipino Chinese community, including other business people of the Philippines, to unite and work hard for decisive economic recovery,” he said.

Foremost, FFCCCII has encouraged entrepreneurs and professionals to “spend, spend, spend” for the revival of businesses, to help vigorously restore consumer confidence and revitalize the domestic economy.

Secondly, the group has called the banks and the national government to help unleash liquidity via a decisive economic stimulus package. “Banks need not be overly conservative. If more money circulates, the faster momentum of economic recovery shall benefit all in a virtuous cycle of investments and consumption, in contrast to a climate of fear and gloom with its vicious cycle of shutdowns or retreats.

We urge banks to extend support to micro, small, medium-scale enterprises (MSMEs) many of which now face existential threats and also to big companies which want to consolidate and expand,” Lim said.

As a humane response to the global crisis, FFCCCII has urged businessmen to prioritize maintenance of existing jobs of employees by cutting costs and inefficiencies, but not to lay off employees.

In fact, he said, “Let this crisis be a time to seek out unique opportunities to go into new business ventures or even to boldly expand, so that we can create more jobs for the Philippines.”

Businessmen were also urged to help keep basic goods affordable as the group observed that. crisis usually creates supply and demand difficulties.

FFCCCII also called on its members to be more charitable stressing this global crisis should encourage entrepreneurs to become more philanthropic, since the marginalized people shall suffer more. FFCCCII believes that market forces alone cannot solve socio-economic problems, that we need social safety nets from government and philanthropy from the private sector to help correct socio-economic inequities and to uplift the disadvantaged.

From March 15 to July 15, FFCCCII has raised P300 million pesos from numerous Filipino Chinese entrepreneurs, associations and professionals. We have been using the donations to buy medical supplies for front-liners and hospitals, buying rice and other foods to give to the poor and marginalized.

The group has also called for support to farmers  and fishermen stressing they are the frontliners in the agriculture sector. “Let us support them by buying more of their products, extending them credit or technical support,” he said.

Technology upgrading was also pushed to boost e-commerce in the country. For the export sector, he urged for the development of new and higher-quality products and services and make them globally competitive.

“This crisis should be a wake-up call for our Philippine society to change our decades of being too dependent on imports, under-developing our export capabilities and becoming too over-dependent on the foreign currency remittances of our overseas Filipino workers and seafarers,” the group said.

As such, the business group has pushed for Filipinos to patronize local products and revive local manufacturing. “We should patronize more Philippine-made products to support our local factories, farmers, fishermen, etc. We believe manufacturing is one of the best ways to lessen poverty and to create more new jobs,” he said.

Other recommendations include attracting more foreign investments; support tourism promotions and domestic tourism; investment and help upgrade health industry; Plant, Plant, Plant for food security; country development; develop more affordable housing, less luxury high-rises; retrain returning OFWs; promote wellness; and support for government socio-economic reforms.