Business seeks less luxury goods imports, more new infra projects

Businessmen yesterday approved the 44th Philippine Business Conference (PBC) Resolutions seeking urgent government action to strengthen exports, less importation of luxury goods, ensure rice sufficiency, construction of mass transit system, new major international airport in Metro Manila and establishment of a major seaport outside the metropolis.

The 44th PBC Resolutions was submitted to President Rodrigo Duterte by this year’s Conference Chairman Ramon S. Ang.

The Resolutions noted current problems hounding the Philippine economy and business such as slowdown in exports and remittances from OFWs while presenting concrete solutions to address these issues.

“To help address the trade deficit, we should import less luxury goods, which are unnecessary. We should strengthen our export sector,” the PBC said. The business community has urged the government to rethink any moves that would make exporters less competitive.

To solve rice shortage, the 44th PBC has asked government to encourage more rice farmers by providing them with high-yielding planting materials, fertilizers and loans to allow them to invest in farm equipment and silos.

On traffic, the PBC has asked government to resolve right of way issues as these are slowing down construction process.

“We need to connect Buendia to Macapagal, Quirino to Roxas Boulevard,” the Resolution stated.

The PBC also urged government to build a new international airport with four parallel runways within an hour’s drive of major cities within Metro Manila to be connected by mass transit and major toll roads.

Businessmen also called for the construction of a new major seaport outside of Metro Manila.

“On average, we are losing 3 trillion to 4 trillion per year to traffic, airport and airport congestion,” the PBC said.

The PBC has also called on the local government units for stricter enforcement of ordinances against dumping of garbage.

In addition, they urged the construction of a 15meter diameter spillway from Laguna Bay to Manila Bay to provide a permanent solution to flooding in Metro Manila.

“Today, if we are to build a spillway it would cost $2 billion or roughly 110 billion. This will take two to three years to build,” the PBC said.

Meanwhile,The Chinese government yesterday assured to be Philippines’ “sunshine” as its strong and huge market will absorb the adverse economic impact the trade war between China and US may bring on Filipino exporters.

Jin Yuan, economic and commercial counsellor of the People’s Republic of China embassy here, made this assurance said during a panel discussion at the ongoing 44th Philippine Business Conference in Manila Hotel.

“The trade friction will do more harm than good to the Philippines, but let’s not worry there is an old Chinese saying ‘there will be sunshine in the east and raining in the west’,” said Jin to the audience composed of businessmen from across the country.

By sunshine, Jin meant the huge China market for Philippine products.

“You have a huge market next to you that is China,” Jin said as he pointed out that since both countries are very good friends, “You have a strong and big market in China.”

Already, Jin noted of the big Philippine delegation at the forthcoming China International Import and Export expo in Shanghai where Filipino exporters are given the chance to sell their products to the Chinese market. The first of its kind expo will host foreign sellers from 130 countries, including the Philippines.

Aside from trade, Jin said that Chinese investments to the Philippines have increased by 60 percent in 2017 versus 2016.