“It will take a while. That will depend on what kind of policies we put in place.”
The Federation of Filipino Chinese Chambers of Commerce and Industry Inc. (FFCCCII) shares the optimism of other local business groups about the Philippines achieving upper middle-income country status by 2025, but emphasizes the need for policy reforms to attract more investments and accelerate economic growth.
“It will take a while. That will depend on what kind of policies we put in place,” said FFCCCII president Cecilio Pedro. He stressed the need for improvements in key areas such as power supply, ease of doing business and visa policies for investors.
Pedro noted the challenges faced by potential investors in obtaining visas to enter the country, highlighting the need for streamlined processes to attract foreign capital.
The FFCCCII president also underscored the importance of addressing critical infrastructure gaps in power, transportation, and logistics. He believes the government should prioritize attracting investments in these sectors to enhance the country’s competitiveness.
Pedro acknowledged that investments are coming in, but stressed the need to catch up with neighboring ASEAN countries like Vietnam, Thailand, and Malaysia, which receive a larger share of foreign direct investments.
He cited Vietnam’s investor-friendly policies, such as providing free land and simplifying investment processes, as examples for the Philippines to emulate.
“Here in the Philippines, by the time you finished, years have passed. We cannot compete, the cost of power, alone, in the Philippines, is already a damper,” Pedro said.
While optimism remains, the business group believes that concrete actions are needed to create a more conducive environment for investments and sustain long-term growth.
