PCCI sees up to 8% GDP growth in second half of 2022

Despite current market woes, the Philippine Chamber of Commerce and Industry (PCCI) sees a growth in the country’s gross domestic product by 6% to 6.5% within the second half of the year.

In a press briefing Tuesday, PCCI vice president for industry affairs Ferdinand “Perry” Ferrer said the GDP may even go up to 8% once face-to-face classes resume.

They are, however, worried about a couple of things such as the weak peso, extremely high fuel surcharge, inflation, power supply shortages and high electricity rates.

“There seems to be no end to the social and economic unrest that we, as a society, are experiencing,” said Ferrer. “However, we remain hopeful as President Marcos' appointed economic team, dubbed as the ‘best team’, steers our economy to full-time recovery. PBBM's appointment of technocrats and experts to Cabinet posts is a welcome development on the part of PCCI.”

George Barcelon, PCCI president, said Marcos is “on the right track” with his government’s thrust.

PCCI came up with an agenda that supports government thrust:

• Reinvigorating our natural resources, specifically mineral resources and forestry;
• Enhancing energy and education;
• Accelerating agriculture productivity and modernization for food security and inclusive growth;
• Committing on connectivity and climate change;
• Harnessing health and human skills; and,
• One, united in transformation through transparency.

Barcelon said they are very much willing to work with the administration in boosting and sustaining the economy.

After meeting with local chambers and key government agencies, PCCI also listed some measures they deemed are urgently needed:

• Enabling and capacitating policies for the micro, small, and medium enterprises;
• Massive investments in infrastructure;
• Programs to further strengthen fiscal resilience to continue the expansion of former Pres. Rodrigo Duterte’s Build, Build, Build and other social services program;
• Intensifying the automation and digitalization of government's services;
• Making the country business-friendly to encourage more foreign and local investments.

On October 19 to 20, the PCCI will hold the 48th Philippine Business Conference and Expo where business leaders, government officials, and international participants will examine the Marcos administration’s reforms.

Aside from strengthening the country’s economy, the conference aims to solidify the Philippines’ position in the Association of Southeast Asian Nations.—AOL, GMA News