Government and business leaders are bullish about the economy in 2024 despite headwinds.
In a radio interview, Trade Secretary Alfredo Pascual said the economy will continue to grow faster compared to those in neighboring countries.
Pascual said the country will welcome more foreign direct investments (FDIs) resulting from the presidential visits and trade and investment missions conducted the past year.
“These will not only bring capital but also technology and will expand industry and export while creating jobs. We in government are working together to achieve this,” Pascual said.
In a separate interview, Francis Chua, chairman emeritus of the Philippine Chamber of Commerce and Industry, painted a rosy picture of the economy for 2024 as he commended government’s initiatives to make the country more business-friendly to attract more investments.
Chua also said government should continue addressing inflation by ensuring stable supply of basic goods and services.
He said President Marcos Jr.’s foreign visits should result to more foreign direct investments (FDIs).
Chua supports proposals to amend the economic provisions of the Constitution but said government should consider lifting restrictions on land ownership by foreigners.
“Long-term lease is not enough,” said Chua, noting that if foreign investors can own the land, they feel their investments are more secure
Sergio Ortiz-Luis, president of the Employers Confederation of the Philippines and the Philippine Exporters Confederation Inc., said in a televised interview employment is slowly but surely improving.
However, the quality of employment needs improvement as there are Filipinos who still work part-time.
Ortiz-Luis said those working underground should also be integrated in the formal sector.
The business groups are leading a campaign to create one million jobs by 2024.
Ortiz-Luis also expressed hope inflation would continue to slow and hit government’s target of 2 to 4 percent by 2024.
“It’s hard to tell because there are challenges like the geopolitical issues that indirectly affect commodities prices and the supply chain,” he said.
Ortiz-Luis said while the government is trying to gather investments and create jobs, the Philippines has a smaller share in investments compared to Thailand, Vietnam and Singapore “ because of issues” like honoring contracts.
He also cited the West Philippine Sea issue as another challenge to attracting Chinese investments.
