Foreign business chambers offer economic roadmap

WITH the government yet to firm up its medium-term economic plan, foreign businessmen in the Philippines are recommending to President Benigno Aquino 3rd a roadmap that would boost seven industries seen driving the country’s growth in the next decade. In a statement, the Joint Foreign Chambers of the Philippines said it has come up with an advocacy paper titled “Arangkada Philippines 2010: A Business Perspective,” which details 471 recommendations from both local and foreign businessmen.

The paper aims to help the government “[build] a more competitive economy, driven by ethical and sustainable practices, reform-by-reform, leading to high growth and millions of new jobs.”

The business group is seeking an appointment with Malacañang to brief the President on “Arangkada Philippines 2010.”

The paper is pushing for the development of the so-called “Seven Big Winners”—sectors expected to fast-track the country’s economic development: agribusiness; information technology-business process outsourcing; creative industries; infrastructure; manufacturing and logistics; mining; and tourism, medical travel and retirement.

These seven industries have potentials to generate in the next 10 years up to $75 billion in foreign direct investment and 10 million jobs, the business group said.

In a meeting with the Departments of Finance and of Trade and Industry last August, the business group secured the two agencies’ support for the “Seven Big Winners” initiative.

“Arangkada Philippines 2010” is the product of a series of focus group discussions (FGDs) that began last year. About 300 experts and stakeholders participated in the FGDs.

“The ‘Arangkada Philippines 2010’ is about creating a bright future for the Philippines, the 12th most populous country. It is a reference document to a better Philippines, a middle-income economy with robust investment levels, better infrastructure and higher government revenues to pay for social services, especially education and health.

Absolute poverty would be reduced by inclusive growth with less malnutrition, crime, and insurgency.
With more rewarding opportunities at home, Filipinos would have less reason to work abroad,” the business group said.

“Catching up and keeping up is an imperative, not a choice. The Philippines has lagged for too long, losing competitiveness, despite its immense potential and location in the fastest growing region of the globe.
More than ever, opportunities abound for the Philippines to improve trade and investment ties in Asia and elsewhere and advance towards high-income status,” the group said.

The National Economic and Development Authority (NEDA), which is drafting the government’s medium-term economic plan, said the new administration would focus on inclusive growth.

While awaiting this blueprint, the government has embarked on a public-private partnership (PPP) initiative to improve the country’s infrastructure. –Ben Arnold O. De Vera reporter, Manila Times