FFCCCII, AmCham support Marcos economic recovery plans

Published June 30, 2022, 10:50 PM

by Bernie Cahiles-Magkilat

Filipino-Chinese businessmen and American investors in the country expressed strong support for the economic recovery plans of President Ferdinand “Bongbong” Romualdez Marcos, Jr..

In statements following the inauguration of the 17th President of the Philippines on Thursday, June 30, Federation of Filipino Chinese Chambers of Commerce & Industry, Inc. (FFCCCII) and the American Chamber of Commerce of the Philippines (AmCham) were both hopeful and encouraged by the President’s inaugural address.

FFCCCII President Dr. Henry Lim Bon Liong said the economic recovery plans of the new administration would pave the way for sustainable and inclusive development.

Lim said the peaceful transfer of political power is a “resounding victory for Philippine democracy and stability,” and which shall bolster economic recovery and growth momentum.

“The success of the new government shall mean progress, stability and social peace for our whole Philippine society,” he said.

FFCCCII specified their support for the new Marcos administration’s goals to address important concerns, such as food self-sufficiency, energy supply stability, poverty alleviation, agriculture modernization, revival of tourism industry, jobs creation, expansion of industries, reforms and upgrading of education under Vice-President Sara Duterte Carpio as Education Secretary, strengthening independent foreign policy, continuing infrastructures modernization, safeguarding the environment and other issues.

“We at FFCCCII are hopeful about Philippine economic recovery due to the country’s sound monetary and fiscal policies, our positive macroeconomic and demographic fundamentals, and the new government’s socio-economic plans, although external challenges continue like the Ukraine war, economic volatility and the lingering negative effects of the global pandemic,” the statement added.

At the same time, the umbrella group of all Filipino-Chinese business organizations in the country urged Filipinos, all sectors and leaders to unite and work hard for a better, and more progressive Philippines.

“In a world now confronted with economic and geopolitical uncertainties, let us strengthen national unity and reforms for strong economic recovery and better global competitiveness,” the statement concluded.

On the part of the US investors, AmCham said they were encouraged that the speech was “balanced, focused, forceful, and conveyed consistency of policy and unity of governance to resolve longstanding and new challenges to the country in as few as six years.”

AmCham senior adviser and Arangkada Philippines author John Forbes said, US investors are optimistic that the Philippines will become “even more attractive” to American investors as a result.

“We congratulate the new President and Vice-President and look forward to close collaboration,” AmCham said.

AmCham Executive Director Ebb Hinchliffe hastened to add, “All in all, a good speech, positive message, and well delivered.”