Filipino-Chinese businessmen have remained confident that their original economic growth forecast of 6.5-7.5 percent is still achievable this 2022, as long as the COVID cases would be contained in the first quarter.
Henry Lim Bon Liong, president of the Federation of Filipino Chinese Chamber of Commerce of the Philippines Inc. (FFCCCII), expressed his optimism at the Kamuning Pandesal Forum that tackled the state of the Philippine economy and prospects for recovery.
Being the largest Filipino-Chinese business organization, Lim said “We can feel the pulse of businessmen.”The federation has local units down to the grassroots level in the municipalities and provinces.
He expressed confidence that the Alert Level 3 is only for 15 days and may affect the first quarter growth, but not the succeeding quarters.
But, Lim pointed out that if the strict mobility restriction that is seen to put 200,000 workers out of job and economic loss of P200 million will extend beyond the first quarter, “it would be a different story.”
“We believe the Philippines is resilient. If we unite and work hard, we shall overcome. Our Philippine economy is resilient. And we have faith in a still better Philippine economy this 2022 despite the recent surge due to Omicron and even with the Alert Level 3. Our Philippine economic recovery will continue this ‘Year of the Tiger” with the start of the Chinese Lunar New Year on February 1, because the Philippines has positive macroeconomic and demographic fundamentals, due to good fiscal and monetary policies, the various socio-economic reforms, the nonstop infrastructure modernizations, the added stimulus of election spending, the start of the Regional Comprehensive Economic Partnership (RCEP) this year; and due to our national unity and social harmony. We believe the Philippines shall become a Tiger Economy in this ‘Year of the Tiger’. Let us continue to cooperate and sustain Philippine public health and economic recovery. Nothing is forever, no pandemic or crisis lasts forever,” Lim concluded.
Meantime, the Filipino Chinese Community Calamity Fund (FCCCF), also chaired by Lim, raised P75 million for their typhoon Odette relief operations in Visayas and Mindanao.
FCCCF is a philanthropic initiative and coalition of 11 major Filipino Chinese business, cultural and civic groups to galvanize community nationwide to help alleviate sufferings during calamities affecting the country. The 11 organizations include FFCCCII, FFCCCII Foundation Inc., Federation of Filipino Chinese Associations of the Philippines, Philippine Chinese Chamber of Commerce and Industry, Overseas Chinese Alumni Association of the Philippines, Filipino Chinese Amity Club, World News Daily, Filipino Chinese Shin Lian Association, Philippine Chinese Commerce & Industry Overseas Association Inc., Philippine Soong Ching Ling Foundation.
Philippine Jin Jiang Shen Fu Zhen Association, and World Fujian Youth Federation of the Philippines.