MANILA – The Philippine Chamber of Commerce and Industry (PCCI) said on Saturday that they expected the country’s economy to grow at an accelerated pace in 2019 on the back of robust consumer and government spending.
“We agree with the projections of the Asian Development Bank (ADB) and the World Bank (WB) that see a growth rate of 6.7 percent in 2019 despite rising global uncertainty,” the PCCI said in a statement. “Indeed, we continue to be recognized as one of the more resilient economies in Asia.”
The PCCI pointed to the growing number of infrastructure projects and related spending preparatory to the country’s hosting of Southeast Asian Games in November 2019, and the holding of national elections that same year, as factors which would help drive growth further.
“We in PCCI believe that investment growth will eventually catch up as higher public capital outlays, including increased infrastructure spending will be undertaken more aggressively under Build, Build, Build,” the country’s largest business group said.
To keep the momentum going, the PCCI urged the government to address persistent challenges on doing business in the country.
“In streamlining and harmonizing business permitting and licensing systems. It is ironic that four months after its enactment, the implementing rules and regulations of the Ease of Doing Business Act has yet to be finalized; The elimination of the port congestion problem; and for the BBB to create jobs, government should be able to settle the issue of jobs contractualization to create certainty in the labor market,” the business group said. (GMA News)
