The targeted economic integration of the Association of Southeast Asian
Nations by 2015 is drawing near and Philippine businesses should be preparing
strategies to deal with growing competition and capture a large share of
regional investments, the Philippine Exporters Confederation Inc. (Philexport)
said, citing experts.
Philexport said local economic
sectors must study their competitive advantages, citing advice from Jay
Yuvallos, a member of the Asean Business Advisory Council. Yuvallos said the
Philippines must use criteria such as population, competent workforce, business
infrastructure and supply chain efficiency to complement other Asean countries
to “effectively” capture regional investments.
Foreign direct investments in the
Asean region, the world’s ninth-largest economy when taken as a bloc, may have
reached nearly $70 billion in 2010, according to estimates.
Asean’s planned economic
integration also provides opportunities to businesses wanting to capture more
foreign markets.
The Philippine Chamber of
Commerce and Industry (PCCI), in its 13-point resolution submitted to the
President on the last day of the 38th Philippine Business Conference, urged the
Department of Trade and Industry to undertake comprehensive awareness and
readiness programs to educate and prepare entrepreneurs for the Asean economic
integration by 2015.
The country’s largest business
organization also asked the department to help the private sector develop road
maps for strategic industries that would enable them to address the challenges
of greater competition and liberalization.
Simultaneously, Philexport
declared that the Philippines “will finally have a comprehensive
industrialization strategy by next year.”
Citing a presentation from Trade
Undersecretary Adrian Cristobal Jr., Philexport said 50 industry groups were
now drawing up their respective industry road maps. The various plans will be
consolidated by the industry leaders and the DTI toward the end of 2012 or
early 2013. A comprehensive industrialization strategy for the Philippines
would later be submitted to President Aquino for approval.
With the national
industrialization strategy, it is hoped that the Philippines will be a seller
and not just a consumer of goods and services. The Philippines is a net
importer of goods, including food products, and has a ballooning trade deficit,
Philexport said.
Asian Development Bank vice
president Lakshmi Venkatachalamm has said a strong industrial sector is “the
missing link” in the country’s development strategy.
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