PCCI Urges Government to Focus on Development Areas for First-World Economy by 2050
The Philippine Chamber of Commerce and Industry (PCCI) has called on the government to prioritize ease of doing business, education, natural resources, and infrastructure in order to achieve a first-world economy by 2050. This was stated during the launch of the upcoming 49th Philippine Business Conference and Expo (PBC&E) at the first PCCI Media Kapihan on Thursday, Aug. 31.
PCCI President George T. Barcelon emphasized the need to address the basic issues that discourage investors, such as reducing red tape and simplifying the process for investors to register and do business in the country. He also suggested allowing 100 percent foreign ownership in certain sectors and enabling 100 percent repatriation of profits. Additionally, Barcelon highlighted the importance of opening up agriculture for foreign investments and making local government units more investor-friendly.
Barcelon stressed that attracting more investments will result in more businesses and job opportunities for the growing population. He also emphasized the need to prioritize education and skills training, stating that providing quality jobs and competitive wages will encourage the development of essential skills and competencies.
Furthermore, Barcelon outlined several goals for economic and social transformation in the country, including achieving upper middle income status by 2025, reducing poverty by 8 to 9 percent in 2028, and bringing the majority of Filipinos into the middle class by 2050. To accomplish these goals, he emphasized the need to invest in foundational challenges such as good governance, health, education, infrastructure, research and innovation, and trade connections and export growth.
In regards to natural resources, the PCCI highlighted the country’s abundant resources and urged for a revival in industries such as agriculture, industry, and mining. Barcelon emphasized that mining is beneficial to the country and called for more opportunities for mining activities. PBC&E Chairman Felino A. Palafox Jr. suggested exploring other methods used by other nations to preserve and ensure the safety of the country’s natural resources.
Barcelon also cited the strong cooperation between government and private sectors in other ASEAN countries as a key reason for their success in reaching high development goals.
The PCCI expressed its support for Senator JV Ejercito’s infrastructure masterplan, which aims to build high-quality infrastructure in the country to boost the economy.
Other industries that have strong potential for growth, according to the PCCI, include manufacturing, construction, and agriculture. PCCI Human Resource Development Foundation President Dr. Alberto Fenix Jr. emphasized the importance of food security and educational training, as well as the utilization of technology like artificial intelligence (AI) for teaching and learning. He highlighted the establishment of the PCCI Educational Training (PET) system, which aims to partner with local government units to provide training programs in priority sectors.
Moreover, Energy & Power Committee Chairman David Chua emphasized the need for new sources of clean and green energy and adequate storage capacity.
In conclusion, the PCCI called on the government to focus on these development areas to achieve a first-world economy by 2050, taking into account the country’s strategic location, natural resources, human capital, and demographic advantages.
