Business More Optimistic In 2012

Business optimism

Businessmen are looking forward to brighter six percent economic growth in 2012 on the back of the implementation of the Public-Private Partnership (PPP) projects, the centerpiece of the Aquino administration’s infrastructure development program, and improved government spending.

“We should aim for six percent GDP next year,” said Ambassador Francis Chua, President of the Philippine Chamber of Commerce and Industry (PCCI).

Chua said he was optimistic that government would finally put on the block the huge infrastructure projects identified under the PPP early next year to perk up the local economy.

“Hopefully, the international front will also cooperate and the Euro and US crisis would be over,” he added.

If the US and Europe economies recover in 2012, Chua said this would mean higher exports for the Philippines to these markets especially in the electronics sector. Economic recovery in these two markets could also boost the country’s tourism sector.

“There are also exciting changes in the mining sector next year,” Chua said.

Chua, who will be succeeded by Miguel B. Varela next year as PCCI president, cited the local economy for being resilient despite the challenges.

"We should be happy to close the year with four percent GDP," Chua told reporters.

Aside from the continued strong investments inflow in power, tourism and BPO sectors, Chua said the domestic economy is still positive.

"Taking consideration all the challenges including the global impact of the US and Europe crisis, and yet we are still positive. We should be happy," Chua said.

He said the last quarter of the year should have been better had it not for the impact of the typhoons on properties and agricultural produce.

Chua, however, believes that 2012 would be a better year.

His projection of a better 2012 is anchored on the fact that the Aquino administration is already on its third year and should be able to focus on implementing projects particularly the PPP program.

"I do expect 2012 to be a much much better year considering our president is already on his third year in office and the administration has already learned the ropes and wile sincerely believe in the implementation of the PPP projects, so the outlook is bright," Chua said.

The growth drivers for next year would be the same sectors that contributed to the growth of the economy.

These are tourism, BPO and mining.

"The Philippines is a well kept secret in the areas of tourism. There is a huge potential for the country's tourism," he said.

He also said that OFW remittances have remained high and that should propel the economic growth.(BCM)

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