PH reports progress on reforms to boost trade

Philippines’ potential said to remain ‘a distant but achievable goal’

ident of the American Chamber of Commerce, during the 2013 Arangkada Philippines Forum held in Makati City yesterday.

Local and foreign business leaders and government officials attended the event where the 471 reforms proposed by local and foreign investors were discussed.

The forum, with the theme “Realize the Potential,” was organized by the Joint Chambers of the Philippines.

Earlier, the business group an- nounced its target to create 10 million jobs and generate over P1 trillion in tax revenues over the next 10 years.

Jennings said the 65-percent compliance rate of the Philippines was an improvement from last year, when the country had only carried out 51.5 percent of the total recommendations.

Of the 471 recommendations, 11 have been completed and 74 are being undertaken.

Although Jennings said the fig- ures were encouraging for investors, “the realization of the country’s potential remains a distant but achievable goal” as the economic growth has not been inclusive the past decades.

“These successes were just the beginning. There would be no relaxation in our efforts,” he said.

The JFC cited “big winner” sectors that needed reforms such as agribusiness, creative industries, information technology, infrastructure, manufacturing and tourism.