Filipino-Chinese businessmen are confident that the Philippine economy can grow 7.5 percent earlier in 2021 instead of 2022.
At a recent Zoom forum of its over 170 chapters and various industry associations nationwide with National Economic and Development Authority (NEDA) Director-General Dr. Karl Kendrick Chua as speaker, Federation of Filipino Chinese Chambers of Commerce & Industry, Inc. (FFCCCII) led by President Dr. Henry Lim Bon Liong expressed support for government’s goal of Philippine economic recovery in 2021.
From this year’s expected economic contraction of 8 to 10 percent, Chua told the FFCCCII forum that he expects Philippine economic growth rate of 6.5 percent in 2021 and 7.5 percent in 2022.
But Lim said the 7.5 percent GDP growth rate can already be achieved in 2021, instead of 2022.
“We at the FFCCCII strongly supports the country’s approach to gradually reopen our Philippine economy while still upholding strict observance of health protocols. In fact, we are optimistic that if we are united in our efforts and if global conditions stabilize like the ending of the USA-China trade war, I believe the Philippines can next year 2021 even achieve 7.5 percent economic growth,” said Lim.
The FFCCCII leader also lauded the passage of the Corporate Recovery and Tax Incentives for Enterprises (CREATE) bill in Senate, which shall add to Bayanihan I and II, and the Financial Institutions Strategic Transfer (FIST) Act in bolstering business confidence.
Lim said: “Aside from those, I urge government and the private sector to push ‘Spend, Spend, Spend’ to revive economic activities and consumer confidence. Another top priority should be support for higher agricultural productivity.”
Lim’s SL Agritech, Agriculture Dept. led by Secretary William Dar and GoNegosyo led by Sec. Joey Concepcion have jointly launched the “Masaganang Ani 300” to help Filipino rice farmers increase rice production to 300 cavans per hectare using modern hybrid rice technology.
SL AgriTech is now the country’s biggest hybrid rice seedlings producer and it seeks to help the Philippines attain rice self-sufficiency and food security. Tens of thousands of rice farmers have benefitted from its technology, and it has expanded to Indonesia, Myanmar, Bangladesh and India. Its Doña Maria rice has also been exported to many Middle East countries, North America, Australia and Singapore. SL AgriTech is part of the Sterling Paper Group.
FFCCCII has this year also led 11 major Filipino Chinese business, civic and cultural organizations under the “Filipino Chinese Community Calamity Fund” (FCCCF) to raise P300 million pesos from March to August for donations of anti-pandemic medical supplies to hospitals nationwide and food relief for people affected by the lockdown in all regions from Luzon to Mindanao. One of the donations was financial support for establishing the Philippines’ biggest testing lab for COVID-19 and other diseases at Red Cross in Port Area, Manila spearheaded by Philippine Red Cross Chairman Richard Gordon. In recent weeks, the Filipino Chinese Community Calamity Fund has also donated tons of rice and other food relief aid to typhoon victims in provinces of Albay, Camarines Sur, Catanduanes, Isabela, Cagayan, Bulacan and Marikina City.