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The Federation of Filipino Chinese Chambers of Commerce and Industry Inc. (FFCCCII) has raised its economic growth forecast for this year from 6.5 to 7.5 percent to seven to nine percent, citing the appointment of experienced leaders in the incoming administration’s economic team as well as the economy’s continued reopening.

“We, the FFCCCII’s different business chambers and industrial groupings are hopeful about the strong momentum of the Philippine economic recovery, and that we will reach Philippine GDP growth of seven to nine percent this year,” FFCCCII president Henry Lim Bon Liong said in a statement.

The FFCCCII’s growth projection is greater than the DBCC’s (Development Budget Coordination Committee(DBCC(Development )’s )’s Budget Coordination Committee(DBCC(Development )’s )’s Budget Coordination Committee(DBCC(De )’s )’s

Due to uncertainties from external factors such as the Russia-Ukraine conflict, China’s production slowdown, and the US Federal Reserve’s policy normalization, the DBCC reduced its GDP growth target to seven to eight percent from the original seven to nine percent range last month.

Despite global uncertainty, the FFCCCII is optimistic that the economy will grow this year, according to Lim.

The choice of excellent leaders to be responsible for steering the Philippine economy to grow is one of the reasons given.

President-elect Ferdinand “Bongbong” Marcos Jr. has appointed current BSP Governor Benjamin Diokno as Finance Secretary, Monetary Board member Felipe Medalla as BSP chief, Philippine Competition Commission chairperson Arsenio Balicasan as National Economic and Development Authority chief, and former University of the Philippines president Alfredo Pascual as Secretary of the Department of Trade and Industry.

The nomination of outstanding, highly talented, well-experienced, and well-respected technocrats to economic jobs, according to Lim, will increase local and foreign investor confidence.

He also attributed the bullish economic growth estimate to the Philippine economy’s continuous steady recovery, stating that society has now adjusted, adapted, and learned to live with the global epidemic.

Furthermore, he stated that political stability after the 2022 elections, along with a solid electoral mandate for the next administration, offers the group reason to be optimistic about the economy.

He added that the present administration’s prudent monetary and fiscal policies, as well as the completed and ongoing infrastructure projects under the Build Build Build initiative, all contribute to economic growth.

The nomination of Vice President-elect Sara Duterte-Carpio as Education Secretary, according to FFCCCII, demonstrates the next administration’s dedication to education.

“This strong commitment to improving education quality and opportunities will help unleash the great potentials of the Philippine economy,” Lim said, “by boosting and maximizing our demographic sweet spot or comparative economic advantage of having young people as the majority of the Filipino national population.”

The FFCCCII also praised and supported the new administration’s commitment to assisting the agriculture sector and lowering rice prices.

The group, according to Lim, supports agriculture modernization through better technology such as hybrid rice seedlings, the “Masagana 300” project, which is modeled after the 1970s “Masagana 99” rice production initiative, better farming methods, and irrigation projects.

He stated that the FFCCCII has addressed the Department of Agriculture about a project to modernize and improve the capabilities of Filipino fishermen in order to increase their income and reduce imports.

Rising domestic investment and consumption are another source of optimism for the Philippines’ economic recovery and growth.

“We encourage domestic consumers and the government to maintain spending to stimulate economic growth,” the FFCCCII added.

The group is also optimistic since the new administration wants to help and promote micro, small, and medium businesses so they may be catalysts for the country’s economic revival.

Lim said the trade deal would open more opportunities for export, investments, and economic cooperation for the Philippines is the world’s largest free trade area, which includes all 10 ASEAN countries as well as partners China, South Korea, Japan, New Zealand, and Australia, as the group expects the Regional Comprehensive Economic Partnership agreement to be ratified by the Philippine Senate soon.

“The next Marcos administration is expected to continue and strengthen the Duterte administration’s pragmatic independent foreign policy, ensuring increased robust export trade, tourism growth, more foreign direct investments, foreign assistance from, and other economic exchanges with all of the world’s big powers,” Lim said.

The FFCCCII is a federation of 170 Filipino Chinese chambers, commerce, and industry associations around the country.

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