With the weakening economic growth and growing socio-economic uncertainty affecting the entire Philippines, prominent business groups reaffirmed their commitment to invest and create jobs in the country, according to a Manila Bulletin news report.
To put things in perspective, posted below is an excerpt from the news report of the Manila Bulletin. Some parts in boldface…
Six prominent groups representing the business sector reaffirmed their commitment to invest and create jobs in the Philippines amid weakening sentiment in the economy, which is fueled by what they described as a “political turmoil” stemming from the ongoing corruption scandal.
In a rare joint statement sent to the media moments after a pivotal reshuffle in the administration’s economic team, the business groups emphasized that they remain committed to supporting the Philippine economy.
“While the current political turmoil raises understandable concerns, we stress that the country’s long-term fundamentals remain strong; anchored by a well-regulated financial system, a stable banking sector, and companies that continue to invest in and believe in the Philippines,” the groups said on Monday, Nov. 17.
The statement was signed by Makati Business Club (MBC), Management Association of the Philippines (MAP), Philippine Chamber of Commerce and Industry (PCCI), Financial Executives Institute of the Philippines (FINEX), Philippine Finance Association, and Institute of Corporate Directors (ICD).
In a statement that essentially serves as a pitch to potential investors, the six business groups said that the institutions safeguarding local markets “continue to operate independently and rigorously.”
The groups cited the Bangko Sentral ng Pilipinas (BSP) and the Securities and Exchange Commission (SEC) as among the most reliable government partners when it comes to businesses.
Both the BSP and the SEC uphold regulatory frameworks aligned with global standards, ultimately ensuring market integrity, prudent risk management, and strong investor protection, they said.
“The Philippines continues to meet international benchmarks on capital adequacy, disclosure requirements, and corporate governance,” the groups said.
The business groups also took note of the corporate earnings of publicly listed companies, which reflect the economy’s underlying strength.
They noted that even during periods of global instability, such as the Covid-19 pandemic, companies continued to demonstrate resilience with growing revenues and stable margins.
Further, the groups said that investment sentiment in the country remains robust, with gross fixed capital formation ranging between 22 percent and 27 percent of gross domestic product (GDP) over the last 10 years.
“This ongoing level of capital spending, mainly driven by business growth, clearly indicates that Philippine companies continue to build capacity, expand operations, and invest in the country’s long-term prospects,” the statement read.
While upholding optimism, the six business groups stressed that investor confidence is influenced not only by economic fundamentals but also by governance.
Let me end this post by asking you readers: What is your reaction to this recent development? Does the joint statement of the prominent business group boost your confidence about the future of the country? Do you think the Philippine economy will be able to bounce back strongly next year? Does the continuing media coverage of the flood control corruption scandals and investigations continue to bother you?
You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.
+++++
Thank you for reading. If you find this article engaging, please click the like button below, share this article to others and also please consider making a donation to support my publishing. If you are looking for a copywriter to create content for your special project or business, check out my services and my portfolio. Feel free to contact me with a private message. Also please feel free to visit my Facebook page Author Carlo Carrasco and follow me on Twitter at @HavenorFantasy as well as on Tumblr at https://carlocarrasco.tumblr.com/ and on Instagram athttps://www.instagram.com/authorcarlocarrasco
Author Carlo Carrasco 