by: Sarah Joson
Tuesday, January 5, 2016 |
With elections coming up, businessmen are looking forward to a stronger economy this year compared to 2015. However, external factors are seen to weigh exports down.
Alfredo Yao, Chairman Emeritus of the Philippine Chamber of Commerce and Industry (PCCI), said 2016 will be better than 2015 as elections will be held this year. He added that with a bit of luck, port congestion - a major hurdle for numerous businesses and the Chinese economy - will improve. The country could achieve a 6.5 percent GDP should this concern be addressed. Yao said port congestion will still be a problem for businesses, but in terms of containing the problem, it was more manageable in 2015 than in 2014.
Another optimistic assessment came from Francis Chua, founding chairman of the International Chamber of Commerce and Industry, who said 2016 will be a good year since election funds are expected to boost the economy.
Samie Lim, franchising guru of the Philippines, said the positive effects of some notable events that happened in 2015 such as the Pope’s visit, APEC Summit, and even the Miss Universe will still be felt this year.
Lim predicts that the AEC will make more investments in the country, and the election will boost agriculture, food and beverages, and manufacturing. Other sectors that are anticipated to see an increase in sales are services, hotels, transport, and media.
Lim also predicts a 7-7.2 percent growth during the first half of the year which is seen to be sustained in the second semester due to the continuous effects of the new administration after the elections.
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