FFCCCII Forecasts 7.5% GDP In 2023
The Federation of Filipino Chinese Chambers of Commerce & Industry, Inc. (FFCCCII) is optimistic that local economic growth this year could hit between 6.5% and 7.5% despite gloomy forecasts by analysts about world economic recession this 2023.
Photo Insert: The Chinese-Filipino business community remains optimistic about the domestic economy.
Its members also expressed the expectation that the visit to China by President Ferdinand Marcos beginning this Jan. 3 would bring in more goodwill and economic benefits to the Philippines.
FFCCCII president, Henry Lim Bon Liong, said at the recent Kamuning Bakery Café Forum that despite uncertainties brought about by the expected US recession, soaring inflation, high interest rates, and EU economic turmoil due to the Ukraine war with Russia, the Chinese-Filipino business community remains optimistic about the domestic economy.
“Amid these uncertainties, we believe that Philippine economic and demographic fundamentals are positive, the ASEAN economic dynamism shall continue and the world’s No. 2 biggest economy China shall do well in its reopening after the global pandemic,” said Lim in a statement he read at the forum.
He reminded the media covering the forum that in early 2022 when there were still many dire and gloomy forecasts as the domestic economy was not yet fully open, the “FFCCCII felt the pulse of our entrepreneurs and the masses on the ground among 170 Filipino Chinese chambers of commerce from Aparri to Tawi Tawi.”
He recalled that early in 2022, the FFCCCII had already announced their most bullish forecast of 6.5-to-7.5 gross domestic product (GDP). Now that 2022 has ended, Lim expects a validation of the chamber’s forecast as accurate.
“The Philippines is still a source of hope and recovery for Asia due to our positive economic and demographic fundamentals, and with the earnest leadership of President Bongbong Marcos committed to upgrading infrastructures, improving agriculture, and pushing many reforms,” he added.
On the President’s visit to China on Jan. 3-6, Lim said officials of the federation were to join the business delegation of the president upon the invitation of the Department of Trade and Industry (DTI).
“We believe this historic state visit is very important to the growth potentials of our Philippine economy, because China is our most important economic and trade partner, being the world’s emerging new economic superpower, and our neighbor,” Lim said noting that last November, the leader of Europe’s most important economy Germany and the leader of ASEAN’s fastest-growing economy Vietnam both made very important state visits to Beijing to boost economic cooperation with China.
He said Marcos should take advantage of the visit as a great opportunity for high-level diplomacy to promote more Philippine business and economic cooperation with China. “Let us maximize the goodwill and deep sense of history of the Chinese people to boost Philippine economic cooperation,” he pointed out.