PCCI remains bullish on economy

The Philippine Chamber of Commerce and Industry (PCCI), the country’s largest business organization, remains bullish on the growth of the economy this year but has slightly downgraded its yearend forecast.

PCCI trimmed its target for Philippine economic growth this year to a range of six to 6.5 percent from an earlier range expectation of a 6.8 to seven percent ascent.

“PCCI expects the economy to stay within the 6 to 6.5 percent level of growth this year,” group president Alfredo Yao told The STAR.

The Philippine economy already managed to grow 5.2 percent in the first quarter of this year and the government earlier set its full year GDP growth target at seven to eight percent.

“Infrastructure projects and spending related to the country’s hosting of APEC in December 2015, the holding of national elections in 2016, and growth in exports should be able to drive a GDP (gross domestic product) growth,” Yao said.

PCCI earlier this month warned of port congestion arising anew in Manila if no new road infrastructures are put in place in the medium term.

The group aired its concern over the repeat of last year’s port congestion which it said has resulted in business losses amounting to P70 billion.

On the positive side, meanwhile, Yao said the tourism and hospitality sector in particular should get a big boost this year with the country’s hosting of APEC 2015.

“With several high-level official meetings slated in different cities across the country from December 2014 to November 2015, government, with the support of the private sector, is expected to target investments in medical facilities, convention centers and hotels,” Yao said.