Gov't urged to realize economic action plans

BY Ehda M. Dagooc (The Freeman) Updated December 18, 2009 12:00 AM

CEBU, Philippines - While the Philippine economic managers called on local investors to take advantage of the growth prospects by pouring on more investments, the Cebu business community is still demanding for actual implementation and prompt action from the government.

“We need more actions, although we are happy to hear that the government has sound programs to help boost the recovering global economic and translate to stronger growth—implementation [of programs] is more important for us, to know how these programs benefit us [in the real sense],” said Mandaue Chamber of Commerce and Industry (MCCI) president Eric N. Mendoza, reacting to the recently concluded post 2009 economic briefing hosted by the regional representatives of the government economic team led by the Bangko Sentral Ng Pilipinas (BSP).

According to Mendoza it is good to hear that there are a lot of efforts made by the government to further spur economic growth, and help the Philippines invite local and foreign investors. However, the local business sector still has to feel the real effect and benefits of the “pronounced” programs being in-placed to encourage investments and sustain economic growth under the unpredictable international financial climate.

BSP director for department of economic statistics Rosabel Guerrero vowed that BSP is committed to ensuring that inflation remains low and the financial system sound and stable.

She said that BSP will also continue to support external policies that will help insulate the economy against the global risks. This will be achieved by pursuing a healthy external payment dynamics and maintaining a manageable level of external debt.

“The BSP is doing its part to strengthen the financial system by further improving the regulatory and supervisory framework as well as enhancing risk management systems. We are also enhancing corporate governance structures and we call on the business and financial community to do the same,” Guerrero stressed.

For her part, National Economic and Development Authority (NEDA-7) regional director Marlene Rodriguez underscored the government’s serious efforts in curbing the corruption to improve the country’s integrity to both local and international investors.

Rodriguez emphasized that curbing graft and corruption is the first and utmost priority of the government to enhance the country’s attractiveness to investors.

“Every government agency

has been tasked [or required] to come up with its own plans to combat corruption,” Rodriguez, this will ensure that the problem of rampant corruption and bureaucratic red tape will finally ease down.

The post 2009 economic briefing dubbed “ Invest in the Philippines, Invest in Growth,” conveyed capitalists and the general public that the Arroyo-led country has been able to weather the global recession outsmarting other Asian nations in terms of growth, such as Singapore.

The Philippines targets to hit the .8 percent to 1.8 percent GDP growth in 2009, Guerrero said this projection is attainable given the good out-turn of economic activities in the Philippines in the last few months. However, realistically, the country may hit the lower-end of the target.

Investor relations office executive director Claro P. Fernandez called on investors to take on an active role in the Philippine economic recovery by taking advantage of the investment opportunities.

“Investment is the key to our next wave growth. We have been working to ensure that the economic engines of the Philippine economy are running and we have never been more ready to make things happen for foreign investors and businesses. The door is open and we welcome investors to explore the opportunities that our country has to offer,” Fernandez concluded.

DoF, BSP and NEDA were also joined by other regional heads and undersecretaries of the different agencies like Department of Trade and Industry (DTI), Department of Agriculture (DA), Department of Energy (DOE), and Department of Budget and Management (DBM).

Cebu is the sixth of seven destinations that the Economic Team and BSP officials are set to visit over the course of the month as part of the domestic roadshow on the Philippine Economic Briefing to share with local business communities how the economy fared amidst the global economic crisis and to provide an outlook

for the national and local economies in the remaining months of the Arroyo administration.