Secretary Domingo seeks foreign firms’ support to achieve economic growth

Department of Trade and Industry Secretary Gregory Domingo appealed to the foreign business groups to support the government in its initiative to promote economic growth.

During the Arangkada Philippines Forum organized by Joint Foreign Chambers, Secretary Domingo told the foreign businessmen that economic growth rests on the partnership of the government and the business community. “The success story will really depend on us. We don’t even have to make a larger effort this year to achieve big economic growth. My appeal to you is not to be negative, not to block it. Just let it happen.” he said.

Secretary Domingo likewise, expressed the government’s appreciation to the foreign business groups’ role in moving country forward to attaining inclusive growth. “We’ve considered your (Arangkada Philippines) recommendations and made some progress by introducing policy reforms in providing better business environment and improving the country’s competitiveness.” he told.

Arangkada Philippines 2010, an advocacy paper prepared by the Joint Foreign Chambers contains policy recommendations to the government, which focus on accelerating the growth of Seven Big Industry Winner Sectors (agribusiness, information technology/business process outsourcing, creative industries, infrastructure, manufacturing and logistics, mining, and Tourism, medical travel and retirement) in order to increase investments and generate jobs.

He also asked the assistance of the Joint Foreign Chambers in formulating the Industry Development Roadmaps initiated by the DTI. “We have to rely a lot on the inputs from the industry to have a credible

industry development roadmap…we hope you give this effort full support.” Secretary Domingo said.

On improving competitiveness, Secretary Domingo urged the foreign firms to join and respond in the surveys conducted by international organizations such as the World Bank-Doing Business Surveys, which assesses the ease of doing business among the 183 countries.

He noted that only few respondent companies send back the accomplished survey questionnaires to survey firms, thus giving an inaccurate picture of the business landscape in the country. “Our target by 2016 is to be in the top 50 (countries)…my appeal to you is please fill up the forms and submit it. That would really help us get an appropriate ranking.” told Secretary Domingo.

Amidst negative perception towards the country’s infrastructure, Secretary Domingo affirmed that Philippines has adequate infrastructure to achieve economic progress. “I think we should not put down ourselves and say that we lack infrastructure. Our infrastructure is not bad.” He said. (END)