Broader infra plan to bolster economic growth – PH biz leaders
MANILA, PHILIPPINES — Executives of top businesses in the country are urging the government to prioritize the development of a broader infrastructure plan, saying this will ensure an investment-led economic growth amid the pandemic.
“Right now, infrastructure privatization is done piecemeal in isolation… Where is the master plan for creating industrial zones in areas that are already connected to the global marketplace? Where is the master plan to create infrastructure in places that will later become sites for industrial and commercial areas that will be meant to be connected to the global marketplace,” International Container Terminal Services Inc. EVP Christian Gonzalez in a forum.
Gonzalez said that in order to attract foreign investments in manufacturing, there is a need to have a privatization and infrastructure program driven by a broader strategy.
“Unless we start thinking based on a broader infrastructure plan and move out of this isolated system of privatization and building infrastructure, frankly, we will not accelerate foreign investment nor manufacturing in the way we all want,” he said.
Meanwhile, Ayala Corporation’s president Cezar Consing noted that the Philippines can take notes from neighboring countries. He said that the government can take a look at the examples of neighboring countries on how to ensure a sustainable long-term economic growth.
“We need some of that because unless you have a real significant transfer of resource allocation, we will never rebuild our manufacturing sector. We are the poorest BBB+ country in the world. Yet look at consumer goods, you can find everything here. Clearly there is misbalance,” he said.
From the telco industry. PLDT Inc. president Alfredo Panlilio emphasized the need to attract more investments from the manufacturing industry.
“Clearly, (there’s a) lack of manufacturing companies that invest in the country. If you talk about manufacturing, it’s an investment that’s long term for the country,” he said.
For his part, Stratbase president Dindo Manhit explained that it is important that the government creates an investment environment in order for jobs to be generated.
“Imagine if we give enough incentives to the manufacturing sector. Imagine if we really generate more tourism. Imagine if we continue to play a role and strengthen the business process outsourcing or the KPO, knowledge process outsourcing, as one of our exports – imagine 109 million Filipinos, who are productive, working, earning towards that end. That’s a big consumer base. If this group of people will spend because there’s enough livelihood, not much indebtedness, then you can see a more sustained growth. Consumption economy, which is what drives us, can only be sustained, I believe, from an investment-led growth trajectory, not jobless growth,” he said.
