The Philippine Chamber of Commerce and Industry (PCCI), the country's most prominent business group, is hoping the economy will perform better in the last two quarters of 2023 and achieve at least a six percent gross domestic product (GDP) growth.
“We’d like to be positive and think that for the next two months or so, the sloppiness of the economy in the last quarter will be mitigated,” PCCI President George T. Barcelon said in a press briefing Thursday, Oct. 12.
For his part, PCCI Foreign Affairs Vice President Ferdinand A. Ferrer said the GDP will probably grow by six percent this year versus 7.6 percent in 2022.
He highlighted the progress in the economy with emphasis on the continued strength of overseas Filipinos' remittances. "(The Philippines) will probably meet the target of 6 percent [GDP], but with the $14 billion OFW remittances, you will see nationwide activity, which is always in time for our Christmas season.”
The government is targeting a GDP growth of six percent to seven percent for this year. In the first three months, GDP grew by 6.4 percent but it slowed to 4.3 percent in the second quarter, bringing the first half growth to 5.3 percent.
PCCI in general expressed optimism that the country will see economic growth by year-end, citing government and private sector collaborative efforts to address persistent issues that drive down the economy.
During the press conference for the upcoming Philippine Business Conference, Barcelon highlighted issues that continue to persist in the country, including incomplete integration of business permitting and licensing systems, regulatory agencies neglecting development, and neglecting agriculture and fishery.
Adding to these issues are stunting micro, small, and medium enterprises (MSMEs) growth due to lack of access to finance and technology, and a focus on reducing carbon footprint instead of a whole-of-society approach with government collaboration.
“Given the strategic location and our very strong natural capital resources, we’re hoping that starting this year, 2023, moving forward to 2050, the Philippines would become a highly industrialized and strong economic foothold,” said the group's Regional Affairs Vice President Eunina Mangio.
Further, she underscored that Barcelon's efforts in attracting investments and showcasing the Philippines' future are expected to enhance the economy and boost its strength.
The group's International Affairs Chairman Jude Aguilar also stressed the country’s need to focus on the strategic plan’s four pillars of growth moving forward.
“We need to upgrade our education, we need to upskill our manpower, we will need to have technology transfer… We need good governance, not only public but also private,” Aguilar said, adding the need to prioritize agriculture, IT, manufacturing, mining, and tourism sectors.
Honorary Chair and Committee-in-Charge for Membership Alegria Sibal-Limjoco, representing the MSMEs, reiterated that there will be growth moving forward for this year with the growing number of developing brands overseas.
“I truly believe, the growth in franchising is a rapid growth and not ‘malumanay’ (slow)," she said as she invited everyone to the Franchise Asia on Oct. 27-29 which will have 1,000 MSME brands to be featured.