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Monday, June 26, 2006
Cebu economy ‘envy’ of all RP -- PCCI chief
THE Philippine economy is heading toward a bright future, but there is more room for improvement if the government and the private sector will strengthen their partnership, according to a business leader.
“This year started with much optimism, not only for Philippine business but for the general welfare of the entire country, as well,” said Philippine Chamber of Commerce and Industry president Donald Dee during the opening of the InTourPreneur 2006 last Wednesday.
He said last year ended on a high note, with a 400-percent increase in investments in stocks, treasury bills and bonds. The stock market also became one of the best performers in Asia, he added.
Performance
He said the peso performed well than other currencies in Asia and was fifth on the list of best performers worldwide.
“Undeniably, all signs pointed towards a better 2006—for the economy and, therefore, for Philippine business,” said Dee.
“However, while we are encouraged by these positive developments, there are still much to be done for business to improve,” he added.
During the opening of the three-day InTourPreneur 2006 at the Waterfront Cebu City Hotel and Casino, Dee also praised Cebu for its “robust and teeming economy.”
“Cebu—with its robust and teeming economy—has become the envy of businessmen all over the country,” he said.
Dee said that a cooperation between the government and the private sector is the “only way” that the entire country will be able to reap the benefits of economic growth.
Downstream
“We need to ensure that the beneficial downstream effects will be felt nationwide, and not limited to just a particular segment of the population,” he said.
According to Dee, government and private sector partnership must cover critical issues that are indispensable to further improve the business climate and Philippine economy.
These issues are reforms in the power sector, good governance, international cooperation and trade, small and medium enterprises development, wages and corporate social responsibility.
Dee also mentioned investment promotion as a critical factor in strong economic growth.
“Alone on the domestic front, we do not have sufficient funds to fuel economic growth. We need to turn to our trade and investment allies for further investment expansion—most especially in the critical sunrise industries,” he said.
According to Dee, the country’s sunrise industries are tourism, business process outsourcing, information technology, mining, logistics, telecommunication, transportation and construction.
“(But) we need to project a stable political climate and a consistent implementation of laws and procedures to overcome the marketing challenge in promoting our country as a vital investment hub,” he said. (JBN)
For Bisaya stories from Cebu. Click here. (June 26, 2006 issue)
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