Statement of Federation of Filipino Chinese Chambers of Commerce & Industry, Inc. (FFCCCII) President Dr. Henry Lim Bon Liong on May 9 election and the Philippine economy

The Federation of Filipino Chinese Chambers of Commerce & Industry, Inc. (FFCCCII) wishes to congratulate our electorate nationwide for performing the civic duty of voting in record high numbers, to all public school teachers and other personnel as well as our leaders and the Comelec for the successful conduct of the May 9, 2022 election. This is a victory for Philippine democracy and stability. A smooth election and the peaceful transfer of power are strong foundations for political and social stability needed for economic development.

Congratulations to former Senator Ferdinand “Bongbong” Romualdez Marcos, Jr. and Mayor Sara Duterte Carpio for your election victory as the next President and Vice-President of the Philippines. The FFCCCII is a non-political umbrella federation of 170 Filipino Chinese chambers of commerce from Aparri to Tawi Tawi, and we fully support our duly elected leaders. 

We are optimistic about Philippine economic recovery due to the country’s sound monetary and fiscal policies; our positive macroeconomic and demographic fundamentals. Let us continue and increase socio-economic reforms. 

After this election, we urge our fellow citizens and our leaders to unite and work hard for a better Philippines. In a world now confronted with prospects of economic slowdown and continuing geopolitical uncertainties, let us strengthen national unity for strong economic recovery and better global competitiveness.

Among our top priorities—which all sectors should unite to work on and not only rely on government leaders—should ideally include the following: 

1. Safeguard and improve public health; 

2. Create more jobs;

3. Bolster investor confidence, also consumer confidence;

4. Invest in better education, in more research and development; 

5. Economic recovery through sustainable and inclusive economic growth; 

6. Modernize agriculture for food security, price stability and rural progress; 

7. Enhance widespread coverage, transparency and efficiency of social safety nets and “ayuda” or assistance to marginalized sectors of Philippine society; 

8. Continue and expand Build, Build, Build program for new infrastructures; 

9. Support micro, small and medium-scale enterprises (MSMEs); 

10. Protect and assist local manufacturing, especially export enterprises;

11. Revive and strategically develop the tourism industry;

12. Attract more foreign direct investments (FDIs) to accelerate economic growth and recovery by continuing anti-red tape and other reforms;

13. Ratify the world’s biggest free trade area called the Regional Comprehensive Economic Partnership (RCEP) which includes all 10 ASEAN countries, China, South Korea, Japan, New Zealand and Australia; 

14. Promote creative industries such as arts, entertainment, pop culture, etc.;

15. Protect the environment; 

16. Promote alternative energy sources; 

17. Upgrade information communication technology (ICT); 18. Galvanize our independent foreign policy to boost our economic diplomacy to promote the Philippines for more international trade, foreign investments and tourism.

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