Businessmen cite need to improve perception

The Philipppine Chamber of Commerce and Industry (PCCI) has called on the need to improve investor perception on doing business in the country as current foreign direct investment (FDI) and stock market index levels are not reflecting the economy’s true potential.

“On the downside, apart from what some perceive as controversial pronouncements of President Duterte, there has

been a significant depreciation of the Philippine peso against the US dollar and mixed performance of the Philippine stock market. And lately, the Marawi situation has placed added pressure on our growth agenda since it negatively affects public and investor perception on the country,” PCCI president George Barcelon said.

“In terms of foreign direct investments, while we have been seeing higher levels, the figure is still much lower than those coming into our ASEAN neighbors including Vietnam,” he added.

Barcelon said the stock market index and FDIs are often taken as barometers of business conditions in the country.

Recognizing that businessmen’s confidence is affected by movements in global markets as well as local developments, Barcelon said these can be countered by ensuring that the physical infrastructure and regulatory environments are not only conducive, but are friendly to business as well.

“We need to reduce the cost of doing business in the country, strengthen the inflow of high-tech foreign direct investments, and provide more support services to our small and medium enterprises,” he said.