Traders bet economy will hop like a rabbit

Gui Mao is the 40th element of the Chinese sexagenary cycle — the Heavenly Stem ‘Gui’ represents water, whereas the earthly branch ‘Mao’ represents Rabbit, which makes 2023 the Year of the Water Rabbit

Photo by Yummie Dingding

The economy will be high-spirited and hopping like a rabbit for this year as a result of an upswing in foreign direct investments following the various trips made by President Ferdinand “Bongbong” Marcos Jr. to lure more capital to the Philippines.

In an interview, Filipino Chinese Chamber of Commerce and Industry president Henry Lim Bon Liong expressed his confidence that Marcos Jr. is the best person to uplift the economy for the Year of the Water Rabbit.

Gui Mao is the 40th element of the Chinese sexagenary cycle — the Heavenly Stem “Gui” represents water, whereas the earthly branch “Mao” represents Rabbit, which makes 2023 the Year of the Water Rabbit.

“Yes, I am confident President Bongbong Marcos can attract foreign investments. Through his various foreign trips, especially the successful China state visit, the Chief Executive has shown that he is an effective diplomat,” Dr. Lim said.

Further, he said that the President’s eloquence aids in selling the Philippines as an investment and tourism destination.

“Our legislators have also passed legislation to liberalize entry of foreign direct investments, hopefully, all that will bring more foreign capital and technologies to benefit the Philippines. Let us help the Philippines compete with our ASEAN neighbors in attracting more foreign direct investments for the sake of fast economic growth,” Lim said.

Hopping GDP

For this year’s forecast of the gross domestic product, the FFCCCII president estimated 6.5 percent to 7.5 percent economic growth

“We at the FFCCCII are very optimistic about Philippine economic growth in this new year of the rabbit. Our forecast is 6.5 to 7.5 percent of economic growth for 2023.”

“Why? The Philippines has positive socio-economic and demographic fundamentals, the Marcos government is undertaking many reforms, there are no more pandemic lockdowns, and our neighbor the world’s second biggest economy and the world’s largest consumer market China is decisively reopening which shall have a tremendous positive impact on Asian progress,” he explained.

It is the same forecast of Marcos Jr. during his recent trip to Davos, Switzerland.

“There is so much space, room to grow, in the sense that we are starting very many new things now,” Marcos said in an interview with Bloomberg Television’s Haslinda Amin on the sidelines of the World Economic Forum.

Net foreign direct investment in the Philippines increased by 6.3 percent year-on-year to $0.92 billion in October 2022, while the net debt instruments rose by 5 percent to $0.67 billion (vs $0.64 billion in October 2021), while equity other than reinvestment of earnings grew by 20.6 percent to $0.17 billion (vs $0.14 billion).

Meanwhile, reinvestment of earnings fell by 7.6 percent to $0.09 billion. Considering January to October, FDI net inflows declined by 8.3 percent to $7.6 billion, compared to $8.3 billion in the same period of 2021.

Lim expressed hopes for the economy to achieve an inclusive and sustainable social and economic progress.

“I also hope for progress with much-needed reforms for agriculture, education, public health and our domestic manufacturing. I hope that this Year of the Rabbit will witness the Philippines leapfrog into an agile, dynamic, progressive, and globally competitive economy,” according to Lim.

Meanwhile, Go Negosyo chairperson Joey Concepcion during the Go Negosyo 3M on Wheels on Sunday at SM San Lazaro said 2023 will be better for the country.

“This 2023, I see commodity prices starting to go down,” he said. “Challenges will still be there, but the Philippines’ growth will continue, especially now with travel and tourism resuming.”

He promised to hold even more programs for MSMEs and encouraged small entrepreneurs to actively seek out assistance and guidance for their businesses.

“MSMEs need mentorship, along with access to money and markets to succeed. We at Go Negosyo, through our 3M on Wheels events, bring these to where the entrepreneurs are, and we and the government are always here to lend them a hand,” he said.

According to the Chinese zodiac, the year 2023 is “predicted to be a year of hope” as the Rabbit symbolizes longevity, peace, and prosperity in Chinese culture.

The China Highlights stated that the luckiest Chinese zodiac signs in 2023 are Oxes, Tigers and Snakes.

According to the Chinese Zodiac, Rabbit: is quiet, elegant, kind and responsible.

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