The Philippine Chamber of Commerce and Industry (PCCI), the largest business organization in the country, has expressed its full support to the incoming administration led by president-elect Ferdinand Marcos, Jr. and vice president-elect Sarah Duterte.
PCCI President George Barcelon said the Filipino people have given the BBM-Sarah UNITEAM an overwhelming mandate to lead the country faced with many challenges brought about by the COVID 19 pandemic, the geopolitical storm in Ukraine that has brought about increase in energy cost, higher inflation due to upward food price and strained logistics.
Barcelon said there will be temporary blips in the country’s rating due to these developments. However, the Philippine economy has always been resilient and remains strong with the macro-economic fundamentals intact brought about by the economic reforms instituted by the Duterte Administration with Secretary of Finance Sonny Dominguez we have exceeded the second quarter growth rate targets which means that we are the fastest-growing economy in Southeast Asia.
It is noteworthy that with our strengthened healthcare facilities and accelerated vaccination program, we were able to contain the surge in the pandemic and pursue the safe reopening of the economy. Our employment rate even improved with the labor force participation rate increased to 65.4% in March 2022. These provide a sound take-off point for the incoming administration to further the economic development and progress of the country.
To sustain our recovery, we need to strengthen our domestic economy against external risks, such as the on-going Russia-Ukraine war, higher global energy and commodity prices leading to slowdown in US, Europe and China’s economic activity.
PCCI will fully support the next administration’s platform and will continue to advocate economic reforms needed to elevate the country to greater heights. Barcelon added that the PCCI is ready to submit issues it has identified to be given priority to accelerate economic progress.
Barcelon added that the PCCI looks forward to strengthen the partnership between the new government and the business community in unity to move the country forward. This close coordination, openness and rapport between the government and business leadership has proven effective as exemplified by the implementation of the Sulong Pilipinas program.