Diokno to Fil-Chi biz community: Unity, vital for economic recovery

Finance Secretary Benjamin Diokno underscored the administration’s message of unity and committed to strengthening inter-sectoral ties for economic recovery as he addressed the Filipino-Chinese business community at the Marriott Hotel on March 24, 2023.

“The Marcos Jr. administration is built on the premise that unity is vital for recovery. We will stay true to this principle and strengthen inter-sectoral linkages as envisioned in the Philippine Development Plan 2023 to 2028,” he said during the Federation of Filipino-Chinese Chambers of Commerce and Industry, Inc. (FFCCCII)’s 33rd Biennial Convention with the theme, Unity for Development and Prosperity.

The FFCCCII brings together chambers of commerce and trade associations from all over the Philippines to promote business growth and improve the competitiveness of micro, small and medium enterprises (MSMEs). The Federation has been a development partner of the government since 1954.

“For almost seven decades, the Federation has consistently devoted itself to promoting cooperation and co-prosperity between Filipino and Chinese businesses,” Secretary Diokno said.

To strengthen inter-sectoral linkages, the government will harness the public-private partnership (PPP) mechanism to help the public sector finance massive Build, Better, More infrastructure programs through mutually beneficial agreements with private proponents.

PPPs can be undertaken through various modes, such as the Build-Operate-Transfer (BOT) Law. Its recently revised Implementing Rules and Regulations (IRR) addressed stakeholder concerns on the financial viability and bankability of PPP projects, potential delays, rigid processes, and ambiguous provisions.

Meanwhile, the PPP Act was approved by the House of Representatives on third reading in December 2022 and is now pending in the Senate.

On March 9, the National Economic and Development Authority (NEDA) Board approved 194 high-impact Infrastructure Flagship Projects (IFPs), with a combined value of PHP9 trillion. 45 of the IFPs are financed through PPPs.

Secretary Diokno also emphasized the importance of enhancing the ease of doing business through digitalization, citing the E-Governance Bill that recently passed the lower house.

“Once enacted, the Bill is expected to enhance the ease of doing business in the country and improve public trust in the government. As business leaders, I hope that you will lead the charge in ushering digital transformation initiatives in your respective fields and industries,” he said.

Secretary Diokno shared that the Philippines is now part of the largest trade agreement in the world, along with China.

The Regional Comprehensive Economic Partnership (RCEP) agreement creates a free trade zone covering 30 percent of the world’s population, 29 percent of global gross domestic product (GDP), 29 percent of global trade, and 33 percent of global inward investments in 2020.

Since RCEP promotes the growth and development of MSMEs which make up 99 percent of businesses in the Philippines, the Finance Secretary looks forward to more opportunities with the Filipino-Chinese business community.

“I look forward to the Federation’s continued support in fostering friendly relations between the Filipino and Chinese business communities in the years to come,” Secretary Diokno said in closing.