The Federation of Filipino Chinese Chambers of Commerce and Industry Inc. (FFCCCII) remains optimistic the country can grow 6.5 percent to possibly 7.5 percent this year despite huge uncertainties caused by the new coronavirus acute respiratory disease now besieging the country and other parts of the world.
Henry Lim Bon Liong, FFCCCII president, in a statement said entrepreneurs in the Filipino-Chinese community will continue to invest and reinvest in the Philippines due to the country’s good long-term potentials.
Lim said FFCCCII members have faith in the resilience of the Philippine economy,
But he nevertheless expressed hope the nCoV crisis will be short-term so that the Philippines and the rest of the world can recover fast, like when it did from the severe acute respiratory syndrome in 2003.
“Filipino-Chinese entrepreneurs are long-term investors and (are) patient. Our community has weathered centuries of past ups and downs of the Philippines,” Lim added.
But Lim called on government to continue its reforms via the Build, Build, Build and the Corporate Income Tax and Incentives Rationalization Act (CITIRA) and to never be complacent over the economic growth experienced the past years.
To strengthen the economy, attract more investors and to boost the country’s global competitiveness, the FFCCCII urged Congress to immediately pass CITIRA
“This proposed bill will bring down from 30 percent to 20 percent corporate income tax over the span of around 10 years, thus making the country more attractive to local and foreign investors,” Lim said.
He said FFCCCII supports the government’s efforts to prevent the spread of nCoV ARD but urged the public to remain calm and vigilant, cooperate with government authorities, promote health and daily good hygiene practices.
Lim said the public should also refrain from spreading unverified information or fake news and any racist defamations harmful to society as these cause confusion and fear.
Meanwhile, the Energy Regulatory Commission (ERC) said even the inspection of power plants is affected by the ongoing scare.
The agency has deferred the regular compliance inspection of power planys in areas affected where there are known cases or suspicions of nCoV for fear their personnel will be exposed.
But the ERC assured the power plants would still be able to go online by issuing them a provisional approval provided they can show proof they went through testing and commissioning.
Sharon Montañer, ERC chief energy regulation officer of the renewable energy division, said at present, 269 power plants units with a collective capacity of 11,242.93 megawatts (MW) are undergoing the process of new applications or renewal of their certificates of compliance (COCs).
Montañer said for new applications, there are 46 main grid plants units with 3,219 MW and 137 off-grid plant units of about 267 MW. For renewal, 59 power plant units are in the main grid for 7,673 MW and 27 units for off-grid capacity of 83.93 MW.
