Romero: Biz men still doubtful of 2012 prospects

Wednesday, February 22, 2012

CLARK FREEPORT — Pampanga Chamber of Commerce and Industry (PamCham) chairman Rene Romero said Wednesday some businessmen are still doubtful of the 2012 economic prospects for the country.

Romero told Sun.Star Pampanga that while the Bangko Sentral ng Pilipinas (BSP) has set a projected growth rate of five to six percent for this year, the local business sector sees economic growth affecting the local economies even later than expected.

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“We see no apparent growth rate yet as government is not yet spending on infrastructure projects that can help invigorate the economy.  Fiscal interventions are yet to be felt by local business sectors in the countryside,” Romero said. 

Recently, the BSP said it is optimistic with the resiliency of the Philippine economy despite the global economic slowdown. 

However, Romero said that businessmen are silently preparing themselves for the worst possible scenarios in case the prolonged slowdown would have an adverse effect in the long run on the local economy. 

He added that local economies now are mainly relaying on the strength of local businesses and the still unaffected investments from foreign investors in different markets in the country. 

“While government is optimistic of its prospects, some businessmen are wise enough to have a level-headed preparation for the worst possible scenarios.  We are optimistic too, but it is an optimism based on preparedness,” Romero said. 

As for the global economic slowdown, the BSP is looking at its possible effects on tourism and the Business Process Outsourcing as the two sectors may get affected by the continued slowdown. 

It is said that 17 percent of the tourism sector in the previous years have been dependent on tourists from the United States and other countries.

Some 75 percent of the BPO sector is also dependent on the foreign sector with some P15 billion in investments from foreign banks invested in the Philippines.  The BSP said that a pull-out of such investment may have an effect on the local economy.