Phil. Chamber of Commerce & Industry (PCCI) and Exporters Confederation of the Philippines (PhilExport) Chairman George Barcelon and Federation of Filipino Chinese Chambers of Commerce & Industry, Inc. (FFCCCII) President Dr. Henry Lim Bon Liong today agreed with Presidential Adviser on Entrepreneurship Sec. Joey Concepcion & OCTA Research proposal that the government implement a 2-weeks strict lockdown in August to decisively contain the spread of the more contagious Delta variant of the COVID-19. They all agreed that this sacrifice shall help ensure stronger, safer Phil. economic recovery for fourth quarter 2021, which is traditionally the best time for businesses in the year. Concepcion, Barcelon and Dr. Lim also agreed that before the 2-weeks lockdown in August, there should be at least one week of preparation which shall perhaps be in the first week of August.
On the question of negative impact on economic recovery momentum, Concepcion, Barcelon and Lim all agreed that proposed two-week strict lockdown may turn economic growth negative, but if successful to prevent and contain the feared Delta variant, this sacrifice shall make the fourth quarter “a Merry Christmas and 2022 shall be a fantastic new year for robust Philippine economic growth”.
Joey Concepcion explained August is the best time for a two-week strict lockdown to contain Delta variant, since it is a weak time for the economy due to nonstop rainy days and it is also the ancient Chinese belief of “Ghost Month” when business deals are avoided. Concepcion also added that private sector vaccinations are now accelerating with the arrival of GoNegosyo-led Asta Zeneca vaccines for various business groups, the arrival of Moderna vaccines in the third quarter, and also FFCCCII is about to complete in August its on-going inoculation with 500,000 Sinovac vaccines nationwide.
The last 11 months of the Duterte administration is important for pandemic containment and economic recovery, said Concepcion, Barcelon and Lim. Dr. Henry Lim Bon Liong gave Pres. Duterte a rating of 8 out of maximum 10 in over-all governance “pre-pandemic” based on better peace & order situation, infrastructures, socio-economic reforms, independent foreign policy, agriculture modernization, etc., but Lim said the last 11 months shall be crucial in affecting his over-all legacy. Concepcion and Barcelon also lauded Duterte administration for improved peace and order for ordinary citizens, the most ambitious infrastructure projects with his “Build Build Build”, his prudent fiscal and monetary policies, socio-economic reforms, his making the Philippines a friend of all the world’s big powers with the independent foreign policy, low inflation, low interest rates. On the war on illegal drugs, Barcelon said Pres. Duterte has achieved successes but he realizes that it is a long-term and complex problem which cannot yet be totally stopped, such as examples of developed societies like USA which is also still fighting its own narcotics problems. All three business leaders said that August is a good time to sacrifice two weeks in strict lockdown, to decisively revive and reopen the Philippine economy in the fourth quarter and to ensure 2022 shall be a year of fast, sustainable economic growth.
OPENING STATEMENT OF DR. HENRY LIM BON LIONG
FFCCCII foresees Phil. recovery,
economic growth 7-8% in 2021 & 8-9% in 2022
Presidential Adviser for Entrepreneurship, Secretary Joey Concepcion;
PCCI President Emeritus George Barcelon;
Mr. Wilson Lee Flores, our Pandesal Forum host;
Friends from the media;
Ladies and gentlemen:
Good morning.
On behalf of the Federation of Filipino-Chinese Chambers of Commerce and Industry, Inc., it is my great pleasure to be part of this Pandesal Forum on the State of Philippine Economy and Prospects for Economic Recovery.
On Monday, President Rodrigo R. Duterte gave a hopeful yet realistic State of the Nation Address (SONA), which I think should be our attitude---be hopeful yet realistic and ever vigilant. Government’s 2021 economic growth target is 6 to 7%, while Asian Development Bank (ADB) was more conservative in forecasting 4.5%. Next year 2022, gov’t. the economic growth target is 7 to 9%, while the more conservative ADB said it shall be 5.5%. We believe if we Philippine economic growth can be 7 to 8% this year 2021 and accelerating to 8 to 9% next year 2022, if we unite, cooperate, if government reforms and vaccinations continue, if we the business sector keep faith, persevere, invest more. I foresee global economic recovery and our Philippine election season to boost economic recovery, especially this second half of 2021.
Yes, we’re still in the midst a global pandemic and we still face the dangers of the new Delta variant. But we’re seeing good news with the arrival of more vaccines coming every month including our ongoing FFCCCII Vaccination Program with 500,000 Sinovac doses.
We are pleased to be the Philippines’ first private sector vaccine import and rollout program, which is a unique civic project for economic frontliners – the entrepreneurs and workers – across Luzon, Visayas, Mindanao. This vaccine project has zero cost to government and hopes to lessen the burden on our government.
We launched the vaccination rollout last June 25 and currently, we have already inoculated more than 68% of the vaccine recipients for first dose. Our goal is to complete the first dose vaccinations by early August.
Vaccines save lives. It can keep the rates of diseases low and give us hope as a long-term solution to beat the pandemic. Through vaccination, we are protecting each other so let us encourage everybody to be vaccinated.
FFCCCII supports the proposals of Secretary Joey Concepcion for bold moves to counter Delta variant of COVID-19 with possible restrictions for unvaccinated people when they’re going to public places; the granting of incentives to businesses that aim for full vaccination of their employees by allowing operational flexibilities; and allowing more mobility for vaccinated individuals.
Wider availability of vaccines is expected to revive consumer confidence, restore public health, and boost Philippine economic recovery in the coming weeks and months.
President Duterte’s SONA on Monday gave us a clear account of what his administration has significantly done for the country in the past five years, and in meeting the challenges brought about by the COVID-19 pandemic. We thank Pres. Duterte for reiterating the government’s commitment “to assist the private sector to regain the commercial vibrance of the country prior to the pandemic”.
The continued acceleration of Build Build Build’s new infrastructure projects and their constructions shall have positive impact on our economic recovery.
The fiscal and monetary policies and reforms of the Duterte administration have been prudent. Thus, the Philippine economy has strong economic fundamentals for good and robust recovery.
A positive factor we’re seeing is the stable global environment – with economic recoveries in the world’s two biggest economies, first with China, and now, with steady recovery in USA. Our Asian region is still economically vibrant, especially with the signing of the Regional Comprehensive Economic Partnership (RCEP) agreement by the 10 members of ASEAN including the Philippines, with Australia, China, Japan, South Korea and New Zealand. RCEP is the world's biggest free trade zone with much opportunities for us the Philippines.
Aside from this, there is the Belt and Road Initiative or BRI led by China, including the Beijing-led Asian Infrastructure Investment Bank or AIIB. This BRI complements the Philippines’ Build, Build, Build program. Let us cooperate more with and benefit from BRI and AIIB.
Another good news, FFCCCII’s member and Nielsen Philippines head has said that traditionally, election spending can add 1 to 2 % to GDP or economic growth. So, we expect a big increase in economic activities when the election season starts in a few months.
We wish to cite a solid achievement of President Duterte in the past five years, which is his independent foreign policy of befriending all the world’s big powers. Thus, this high-level diplomacy is benefitting the Philippine economy with increased trade and investments, such as dramatic increase in agriculture and banana exports to China, more tourism from China before the pandemic, and numerous big infrastructure assistance from China and also from Japan such as the massive new Metro Manila subway project.
Also due to our wise and pragmatic independent foreign policy, the Philippines has received continuous vaccines supplies from Sinovac of China, Sputnik of Russia, and now even vaccine donations also from Japan and USA. I think we are the only country in the world with so many different countries supplying us with vaccines. All the world’s big powers are now courting the Philippines.
Even in sports, we, the Philippines has benefitted. The first Philippine Olympic gold medal winner, the talented and hardworking Hidilyn Diaz has a Chinese head coach Mr. Gao Kaiwen of China. The 64-year-old Gao has coached multiple Chinese Olympic medalists, before became Diaz's mentor in 2018 after he retired as a Chinese Bayi weightlifting team coach. This is a great example of win-win cooperation between the Philippines and China.
Let the fighting spirit, the hard work and courage of Hidilyn Diazbe be our inspiration to help the Philippine economy overcome the global pandemic.
With all these positive news, we are optimistic and confident that we can beat COVID-19 and achieve economic recovery soonest.
Let’s continue to accelerate the rollout of vaccines and uphold health protocols, so we can safely reopen our Philippine economy. Let us restore and create more jobs.
Let us have faith, unite and work hard for a Merry Christmas. Let us make sure 2022 will be a prosperous New Year of strong Philippine economic recovery.
Thank you and have a pleasant day.
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