Marcos' Energy, Food Security Plans Lack Detail, Business Groups Say

PRESIDENT Ferdinand R. Marcos, Jr. gave little indication of his long-term energy reform and food-security program in his annual address to Congress, business chambers said. “We wanted to hear more. What would be the longer term plans of the government to help the Philippines less dependent on imported energy or imported fuel?” Philippine Chamber of Commerce and Industry (PCCI) President Ferdinand A. Ferrer said on the Money Talks with Cathy Yang on One News program on Tuesday. The American Chamber of Commerce of the Philippines (AmCham) welcomed the President’s focus on competitiveness, energy security, investment, and economic growth, but cited the need for sustained reforms. “While commending the administration’s overall economic agenda, AmCham emphasizes that sustained reforms remain essential to further improve the investment climate,” Executive Director Ebb Hinchliffe said via Viber. The group backed measures to support cybersecurity, the ease of doing business, the ease of paying taxes, and streamlining cross-border trade. The German-Philippine Chamber of Commerce and Industry, Inc. (GPCCI) welcomed the President’s push to amend the Electric Power Industry Reform Act, and to expand the Philippines’ network of free trade agreements. “A concluded EU-Philippines Free Trade Agreement remains the natural next step, and one GPCCI continues to advocate for on behalf of German enterprises here,” GPCCI President Christian Scheld said in a statement. World Bank Lead Economist Gonzalo Varela cited the need for continued investment in human capital and infrastructure. “The country has an investment grade that secures international financing at lower cost and for the longer term. Preserving that investment grade is crucial because the development needs of the country are large,” he said during a forum by the European Chamber of Commerce of the Philippines on Thursday. “So the challenge for the government is to invest in its people and infrastructure, while preserving sustainability,” he said.