FFCCCII hopes for 7.5% economic expansion

December 8, 2020 | 00h00

MANILA, Philippines – The Federation of Chinese Philippine Chambers of Commerce and Industry Inc. (FFCCCII) group of companies expects the economy to recover and grow 7.5% by the next year with the reopening of more sectors.

“At FFCCCII, we strongly support the country’s approach to gradually reopen our Philippine economy, while maintaining strict adherence to health protocols. In fact, we’re optimistic that if we’re united in our efforts and global conditions stabilize like the end of the US-China trade war, I think the Philippines can even reach next year ( 2021) economic growth of 7.5% ”, declared the president of the FFCCCII. Henry Lim Bon Liong said in a statement.

The FFCCCII recently hosted a Zoom forum with the Director General of the National Economy and Development Authority Karl Chua, where he discussed growth projections for the Philippine economy next year and in 2022. .

The FFCCCII’s growth projection is at the top of the government’s forecast for next year.

The Interagency Development Budget Coordinating Committee (DBCC) said the economy is expected to recover with gross domestic product (GDP) growth expected to reach 6.5-7.5 percent next year and show growth. eight to 10 percent faster in 2022 with the continued easing of restrictions. currently in place.

For this year, the DBCC has revised downwards its forecast for the economy which it plans to reduce from 8.5 to 9.5%, against a previous estimate of 4.5 to 6.6%, due to the extended quarantine of the community.

In addition to the pressure to continue to reopen the economy, the FFCCCII considers the recent adoption of the Bill on Business Recovery and Tax Incentives for Businesses (CREATE) in the Senate as a positive step as it would help the economy to recover. .

CREATE seeks to reduce the corporate tax rate from 30% to 25% and to streamline tax incentives.

Together with Bayanihan I and II and the Financial Institutions Strategic Transfer Law, Lim said CREATE will boost business confidence.

“Apart from that, I urge the government and the private sector to push Spend Spend, Spend to revive economic activity and consumer confidence. Another top priority should be support for higher agricultural productivity, ”he said.

Recently, SL Agritech Corp. de Lim, Agriculture Secretary William Dar and GoNegosyo launched the Masaganang Ani 300 to help Filipino rice farmers increase their rice production to 300 cavans per hectare using modern hybrid rice technology.

Currently, SL Agritech is the largest producer of hybrid rice plants in the country and thousands of rice farmers have benefited from its technology.

The company has expanded to Indonesia, Myanmar, Bangladesh and India and also exports its Doña Maria rice to the Middle East, North America, Australia and Singapore.

Earlier this year, the FFCCCII led 11 major Filipino Chinese business, civic and cultural organizations under the Philippine Chinese Community Disaster Relief Fund (FCCF) to raise 300 million pesos to donate medical supplies to the hospitals nationwide and food relief for those affected by the lockdown.

The FCCF also recently donated rice and other food items to typhoon victims in Albay, Camarines Sur, Catanduanes, Isabela, Cagayan, Bulacan and Marikina City.