Cebu biz leaders bullish on Phl’s economic team

The Cebu business sector expressed heightened confidence over the government's economic management, particularly its serious attention given on infrastructure building.

The Duterte administration's economic managers led by National Economic and Development Authority (NEDA) Ernesto M. Pernia were in Cebu yesterday to update Cebuanos and the business community on the Philippines' economic story and its prospects at least for the next three years.

Cebu Chamber of Commerce and Industry (CCCI) president Antonio Chiu said that what is important is the managers and the administration in general are aware of what is happening and what needs to be done to support the bullish economic landscape.

While there are lot of laws now that are obsolete and don’t apply anymore to present business dynamics, Chiu expressed confidence that the government and concerned authorities are full aware of this concern, and that giving economic team a free hand to address issues and concerns while constantly opening their doors to private sector's comments is good in order for the Philippines to achieve its potential as next economic tiger.

Likewise, Mandaue Chamber of Commerce and Industry (MCCI) president Stanley Go conveyed positive reaction on the overall economic performance report presented by NEDA, Department of Finance (DOF), Department of Budget (DBM), Bangko Sentral Ng Pilipinas (BSP), Department of Transportation (DOTr) and Department of Public Works and Highways (DPWH).

"It was a happy news. We don’t even need to be told about the good economic standing of our country, we just have to look around anywhere, everything is moving and developing," said Go adding that unlike in the past that bullish performance was only clearer and encouraging in the papers or theoretical platforms, this time growth has touched down in all corners and is tangible.

However, Go warned while the Philippines is predicted to be the second fastest growing economy in the world at least before this year ends, it has to be complemented with aggressive human resource preparations to support the influx of investments from manufacturing, construction to more sophisticated skill requirements.

Meanwhile, the business sector also is asking for better incentive programs especially for the Micro-Small and Medium Enterprises (MSMEs) at the background of TRAIN law to stay competitive.

According to Asian Development Outlook of the Asian Development Bank (ADB), the Philippines remained one of the strongest growing economies in Southeast Asia in 2017.

Domestic investment recorded nine percent growth last year, moderating from a brisk 23.7 percent in 2016, although growth in fixed investment in industrial machinery transport equipment, and public construction remained robust.

Pernia, a Boholano but described himself as "halfCebuano", said that he was not prepared to be "roasted" by the outspoken and fearless Cebuano economic prime movers, as there were few critical questions on mismanagement of traffic while infrastructure road projects are being undertaken, and other loopholes in the crafting government's economic planning.