Filipino businesses are wary of achieving sustained growth this year as the continued rise in prices of goods are expected to fuel clamor for wage hikes and eventually dampen the domestic economy.
George T. Barcelon, president of the Philippine Chamber of Commerce and Industry , expects the domestic economy to sustain a healthy pace the first half of the new year.
He said the wage adjustment is a concern because “This will have a vicious cycle on inflation and impact our competitiveness in export sector. As such, the outlook on both job creation and sustainability during the second half business may encounter headwind.” But again, he said, the very critical concern is how government will address regulatory burdens on the private sector, the latest of which is the impending Philippine Ports Authority implementation of container monitoring.
Chua noted that the full reopening of all sectors, including tourism, since last year will cushion the impact of global recession. Besides, he said, “President Ferdinand Marcos Jr. is running the government smoothly.” Edgar G. Lacson, president of the Employers Confederation of the Philippines , said they shared with the optimism of Finance Secretary Ben Diokno, the country’s head of the economic cluster when he said, “the worst is over, and the best is yet to come.”
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