Chamber says enforceability of contracts, fair competition key to boosting economy
THE Federation of Filipino Chinese Chambers of Commerce and Industry, Inc. (FFCCCII) said reforms that ensure the sanctity of contracts and fair competition will help strengthen the Philippine economy.
“We are optimistic about economic growth. The economy remains resilient amidst all the global challenges because our people are resilient and the Philippines still has positive macroeconomic fundamentals,” FFCCCII President Cecilio K. Pedro said in a statement on Thursday.
“Moving forward, we believe that we can do better in 2024 if we as a people unite and focus on strengthening our Philippine economy,” he added.
The economy grew by 5.6% in 2023, outpacing the 5.2% posted by China, 5% by Vietnam, and 3.7% by Malaysia.
He called for more reform aimed at attracting more investments centering on “the stability and predictability of contracts and policies to instill confidence in the business environment.”
He cited the need to promote fair competition by upholding “free market conditions and working towards reducing oligopolies, fostering a truly competitive business environment.”
Mr. Pedro also said that the FFCCCII supports the strengthening of export industries via “incentives and comprehensive support to enhance global competitiveness.” — Justine Irish D. Tabile