Prominent business leader Ambassador Francis Chua has expressed optimism for the country’s economic growth in 2023 despite a global slowdown.
Chua, chairman emeritus of the Philippine Chamber of Commerce and Industry and honorary president of the Federation of Filipino Chinese Chambers of Commerce and Industry Inc., said during the September 30 Pandesal Forum that he agrees with the pronouncement of the National Economic and Development Authority that the gross domestic product could expand by 6 to7 percent this year.
NEDA Sec. Arsenio Balicasan has earlier said that the country could still achieve the projected economic growth especially if government spending accelerates in the third and fourth quarters this year.
The investment promotion efforts of President Ferdinand R. Marcos Jr. and the country’s excellent economic managers led by Finance Secretary Ben Diokno and Bangko Sentral Gov. Eli Remolona Jr. would contribute to the projected economic growth this year, Chua said.
“I am confident that the 6 percent growth remains achievable this year. We just need to focus more on business and less on politics. We have to hope for the best and prepare for the worst,” Chua said, as he urged Filipinos to help improve the image of the country both as a tourism and investment destination.
“The Philippine banking system now is even stronger than the American banking system, due to our growing economy, the strict supervision of the Bangko Sentral and Finance Department,” he added.
Amb. Chua with moderator Wilson Lee Flores during the forum held at Kamuning Bakery Café in Quezon City
Chua, who is also a director at the Philippine Stock Exchange (PSE), said that he expects continuing strong revenues coming from overseas Filipino workers (OFWs), Business Process Outsourcing (BPOs), and Philippine export industries like mining.
He also urged the country to invest more and expand export industries.
To achieve faster growth of the country’s economy, Chua proposed that the Philippines should undertake a high-speed railway project starting from Aparri in Northern Luzon, passing Cebu, all the way to Davao in Mindanao.
He said his proposal is inspired by the recent successful modern railway projects built by China in Indonesia and Laos, the 142-kilometer Jakarta-Bandung high-speed train system.
Chua added that he is also optimistic about continuing friendly relations and strong economic cooperation between the Philippines and the country’s biggest trade partner China despite recent tensions in territorial disputes.
Citing a recent conversation with Chinese Ambassador Huang Xilian, Chua said the latter personally assured him that China shall remain to be a big market for Philippine agriculture exports like bananas, mangoes, and durian.
“In our policies or reforms on agriculture modernization, we, the private sector and government, should give priority to the welfare and better livelihood opportunities for our farmers,” Chua said.
On sustaining robust Philippine economic growth in globally tumultuous times, Chua urged all sectors of society “to unite and work hard to support government efforts and reforms, and create more jobs for a better Philippines.
“I’m appealing to all sectors to lessen politics, conflicts, and negative sentiments to maintain the country’s good relations with our ASEAN neighbors and other countries,” he said.
