The country's biggest congregation of business owners in the country, the Philippine Chamber of Commerce and Industry, said the Marcos Jr. administration must focus on the industries of tourism and agribusiness as they provide opportunities to Filipinos.
Apart from the two, PCCI president George Barcelon said other industries that need further push and support are IT-BPO and creative industries, manufacturing, mining, and mineral resources, considered to be ideal and attractive for local and foreign investments and could amplify the economic growth and competitiveness of the country.
Lagging behind in exports, investments, trade
"Some of our neighboring countries in ASEAN have really moved fast over the past 10 years. We had been lagging them in terms of exports, investments, and trade and we could not afford to be in this situation, so we really need to review our policies for us to be attractive to local and foreign investors," Barcelon said.
He said this will be the center of discussions at the upcoming 49th Philippine Business Conference & Expo set this month, which will gather industry leaders and practitioners to provide insights and share some prospects in what an interesting discussion on policies and regulations could be to attract investors and stimulate investments in this sectors.
Low hanging fruits
He said tourism and agribusiness are low-hanging fruits that the government should seriously prioritize and develop as it provides many opportunities for Filipinos.
In 2022, the tourism and travel industry only contributed 6.2 percent to the country's GDP lower than 12.7 percent in 2019 prior to the pandemic.
The latest data from the Department of Tourism said that from 1 January to 29 September 2023, a total of 4,005,465 visitors arrived in the country, bringing in a total of P316 billion in revenue into the government coffers and hiring 5.35 million Filipinos in tourism-related jobs.
The Philippine agribusiness, on the other hand, contributed only around 8.9 percent to GDP in 2022 where, in fact, its contribution could actually reach 35 percent.
Mining and minerals
The mining and mineral sector, meanwhile, was able to boost the country's growth by P102 billion in 2020 during the pandemic while the manufacturing sector contributed 17.2 percent in 2022.
"As the private sector takes the lead in mapping out plans for Vision 2050, we hope our government will focus its attention on harnessing these sectors and address the challenges that hinder the country's economic growth. We have the competitive advantage to become a first world economy by 2050, we just have to do extra work to achieve it, said Architect Felino Palafox Jr., who chairs the 49th PBC&E.
The PBC&E will be held on 25 to 26 October at The Manila Hotel.
This year's conference carries the theme "Vision 2050: The Philippines A First-World Economy." It will initiate discussions and gather insights from visionary leaders and policymakers on how the country, given its strategic location, natural and human capital resources, and the many advantages it has, can become one of the industrialized and developed economies by 2050.
The two-day event will gather prominent business personalities, national and local executives, and international leaders.