The Philippine Chamber of Commerce and Industry (PCCI), the largest business group in the country, is urging government to draw a long-term plan to protect and sustain investments in the country.
PCCI President, Dr. Francis Chua said with the great interest that the Philippines is generating from big foreign investors, government and the private sector must work hand in hand in ensuring that the investments generated are protected against policy changes or sudden movement in the global economy.
Chua, who was among the business leaders that accompanied President Aquino in his recent US trip, cited the great confidence foreign investors have on the country, with the solid macroeconomic fundamentals in place coupled with the ongoing reforms the Aquino administration has initiated.
“We are back in the global investment radar. What is important right now is to work on consistent and proactive policies to ensure that these investments are protected and sustained,” Chua said.
Chua further noted that PCCI vows to work hand in hand with the economic team of the Aquino administration to mainstream activities that will enhance the competitiveness of the country’s business environment.
These include among others, monitoring of the fiscal situation and encouraging active engagement of the private sector in revenue support activities of the Bureaus of Customs and Internal Revenue, participation in crafting the long term infrastructure plan supported by a strong PPP mandate, enhancing the competitiveness of the human resource through competency and technical skills upgrading and expanding support for technology, innovation and research and development.
Chua further notes that more dialogue should be undertaken between the national government and local government units (LGUs) to ensure coherence in policies or laws implemented in the LGUs that directly affect investment-related activities.
“This type of cooperation is necessary to ensure that we carry a single and unified message, to the global business community, that our country is serious in attracting long term investments,” Chua added.
PCCI’s policy recommendations for investment promotion and protection will form part of the broader set of Resolutions that will be presented during the 36th Philippine Business Conference and Expo (PBC&E).
President Aquino is expected to receive and give his reaction to these Resolutions.
The PBC&E is the biggest annual gathering of businessmen in the Philippines to dialogue with government and other stakeholders on key policy issues that affect the country’s state of business and economy.