Benefits of a unified market may not be felt for many years
The Association of Southeast Asian Nations (Asean) may undergo economic integration by 2015, but businessman Manuel V. Pangilinan believes that the benefits of a unified market will not be felt for many more years.
Pangilinan on Thursday told reporters during the 23rd World Economic Forum on East Asia that the Philippines was only “conceptually” ready for economic integration next year.
“Practically, I don’t think [we are ready],” he said, citing the need to bolster the local agricultural sector.
The private sector, he added, will also need to take the lead in boosting industries.
Pangilinan heads First Pacific Group in Hong Kong, a major investor in the Philippines and Indonesia.
A key feature of integration is worker mobility. It promises an expanded job market, and offers businesses opportunities beyond traditional geographic borders.
But according to Pangilinan, this is all just theory at this point.
“We have quite a surplus of good doctors and nurses. But can they all of a sudden be exported to other Asean countries?” Pangilinan asked. “I’m not saying it won’t happen but I don’t think it will in my lifetime. We have to be specific in what we are integrating.”
The businessman also singled out agriculture.
He said the private sector played a key role in bolstering industries, but a conducive environment was also needed.
He cited the risks, for example, of Filipino sugar farmers who would be up against superior yields of Thailand.
Thai farmers can produce 80 tons of cane per hectare, while Filipinos get to yield 50 to 60 tons.
“We still have got some ways to go,” Pangilinan said, adding that the solution could lie in the public-private partnership program of the government.
First Pacific, owner of PT Indofood Sukses Makmur Tbk, one of the biggest food companies in Indonesia, has been expanding its presence in the Philippines.
It recently acquired a minority stake in Philippine sugar firms Victorias Milling Co. Inc. and Roxas Holdings.
First Pacific is controlled by Indonesia’s Salim family. Its domestic holdings include Philippine Long Distance Telephone Co., the country’s largest telecommunications company, and Manila Electric Co., the biggest electricity retailer. –Miguel R. Camus
Philippine Daily Inquirer
Read more: http://business.inquirer.net/171187/ph-not-ready-for-asean-integration-says-mvp#ixzz32Xy214TW
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