PBC&E aims to encourage more investments into Philippines

MANILA, Philippines — The Philippine Chamber of Commerce and Industry (PCCI) is highlighting the country’s readiness to do business at the upcoming 48th Philippine Business Conference and Expo (PBC&E) to promote investments to the country.

According to PCCI president George Barcelon, the annual event will focus on the further reopening of the economy with this year’s theme of “The Philippines is ready and open for business.” It will also emphasize the chamber’s vision to be the voice of business.

“We have been consistent in our position to fully open up our economy because we need to get back on track to sustain our growth momentum,” Barcelon said.

The delegates attending the PBC&E on Oct. 19 and 20 at the Manila Hotel are coming from across the country and overseas.

“We want them to come and see the vibrancy of the country and that the government is laying out the groundwork,” Barcelon told The STAR in an interview.

Barcelon said that PCCI has also organized huge business delegations to attend the conference from countries like the US, Sri Lanka, Pakistan, and Japan.

The invited foreign investors are set to explore business opportunities and joint ventures in B2B (business to business) sessions with Filipino businessmen.

Aside from the business conference, Barcelon said the PCCI hold meetings on a regular basis with its counterparts all over the world.

Barcelon revealed, he was approached by a company engaged in the processing of nickel ore during his recent trip to the US.  “So, of course I welcomed them. I pointed them to some of the parties that maybe they can set things up,” he said.

Asked why foreign businesses should invest in the country, Barcelon cited the country’s well-educated and young workforce as one.

“So, we have a well-educated young workforce, and if you see the quality of our young Filipino workers, they are recognized all over the world. We have so many OFWs (overseas Filipino workers). With that, we think it gives an edge and at the same, we have a big market, the Philippines has a population of 110 million,” Barcelon said.

He continued, “So we do import a lot of things. And if they put up operations here, it can be an import substitute. All of these bode well for them to invest here.”

 PBC&E chairman Ferdinand Ferrer emphasized that the previous administration has laid down the groundwork to attract more foreign direct investment with the amendment of important legislation such as the Public Service Act, the Foreign Investment Act, and the Retail Trade Liberalization Act.

“The country is set to benefit from the capital, technology, and greater competition these reforms will bring in the form of more jobs and better products and services. Reform measures such as the Ease of Doing Business Act and the Corporate Recovery and Tax Incentives for Enterprises Act likewise support the expansion of domestic enterprises and recovery from two years of lost opportunities,” Ferrer said.

In line with showcasing the readiness of the Philippines for business, Ferrer said the PCCI has lined up an exciting series of plenary sessions.

“We will start with the opening keynote message from Vice President Sara Duterte,” Ferrer said.

Finance Secretary Benjamin Diokno is set to deliver a keynote presentation to set the tone of the conference, followed by a fireside chat with Secretary Arsenio Balisacan of the National Economic and Development Authority (NEDA), and interesting discussions with some of the country’s top executives to highlight the business prospects under the new administration and the priorities moving forward.

“We will also have a session with US Ambassador Marykay Carlson and Chinese Ambassador Huang Xilian on building strategic alliances to create new markets and attract more investments,” Ferrer said.

President Marcos will be the event’s concluding guest of honor and speaker.

“We are honored and extremely delighted to receive his confirmation to attend the conference. As we speak, we are now at full capacity and we are trying to find ways to accommodate those on the waitlist,” Barcelon said.

In his part, Ferrer said, “The business community is excited to hear from our President his vision and programs to steer our country toward a higher growth trajectory and we, in the private sector, will be the government’s partner in achieving this vision.”

PCCI is set to submit to the President Marcos a set of policy resolutions that capture the collective aspirations and expectations of the Philippine business community from the new administration as it steers the direction of the Philippine economy rebounding from the pandemic.