By Anna Leah E. Gonzales | The Manila Times
THE Philippine economy is projected to grow by as much as 9 percent this year driven by the continued implementation of reforms started by the Duterte administration.
In a statement on Wednesday, Henry Lim Bon Liong, president of the Federation of Filipino Chinese Chambers of Commerce and Industry Inc. (FFCCCII), said they are optimistic that economic growth could range from 7 to 9 percent this year despite global uncertainties such as the Russia-Ukraine war, rising interest rates and inflationary pressures.
"We, the diverse business chambers and industry groups under the Federation of Filipino Chinese Chambers of Commerce and Industry Inc., are optimistic about the strong momentum of Philippine economic recovery, that we can achieve Philippine gross domestic product growth of 7 to 9 percent this year 2022," said Liong.
He said one of the reasons for the bullish forecast include President-elect Ferdinand "Bongbong" Marcos' move to appoint "exemplary leaders to take charge of the Philippine economy."
Recently appointed officials include Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno, who will be the next Finance secretary; Felipe Medalla as the next BSP governor; Arsenio Balicasan as the next secretary of National Economic Development Authority; and Alfredo Pascual as the next Trade secretary.
Liong said other reasons for the bullish forecast include the continued reopening of the economy; political stability as a result of the orderly 2022 election; sound monetary and fiscal policies of the Duterte administration; improvement in the education sector that will be held by Vice President-elect Sara Duterte-Carpio; continued implementation of the Build, Build, Build program; Marcos' independent foreign policy; Marcos' commitment to improve the agriculture sector and assisting micro, small and medium enterprises; continued growth in consumer spending; and expected ratification of the Regional Comprehensive Economic Partnership.
Aside from these, Liong said FFCCCII also approached the Department of Agriculture for the implementation of programs that will modernize and uplift fishing capabilities of Filipino fisherfolk, in a bid to lessen imports and boost income of fishing communities.