Driving Economic Growth: Business Leaders Offer Solutions to Enhance Investments in the Philippines

In recent discussions, top corporate leaders in the Philippines have outlined various strategies aimed at boosting investments and addressing issues in the business sector. These proposals were presented during Stratbase ADR Institute’s annual Pilipinas Conference, with the focus on enhancing the country’s economic development.

Addressing Hidden Costs in Business:
Ayala Corp. president Cezar Consing highlighted the need for the government to tackle the “hidden costs” of doing business in the Philippines. These costs, often unwritten and more prevalent at the local level, are particularly burdensome for businesses operating with thin margins. Consing emphasized the importance of stable and consistent government policies that transcend changes in administration, advocating for rules that support long-term investment and growth​​​​.

Strengthening Business-Government Collaboration:
Christian Gonzalez, ICTSI Global corporate head, stressed the significance of fortifying the relationship between businesses and local government units, including barangays. He pointed out that friction in regulation at the local level often leads to delays or holds on substantial public and private sector investments. Gonzalez also proposed incentivizing private companies to provide additional training to Filipino workers, suggesting that government incentives could make such training more feasible and beneficial for enhancing productivity and efficiency​​​​.

Resolving Infrastructure Challenges:
Ruben Camba, Acciona Southeast Asia regional director of infrastructure, identified the right-of-way issue as a critical challenge hindering infrastructure projects. He urged for more concerted efforts to address this problem, noting the significant costs and delays it causes, especially for large-scale infrastructural endeavors like the North South Commuter Railway. Metro Pacific’s director for government and public affairs, Mike Toledo, concurred, highlighting how right-of-way problems not only delay projects but also increase costs, ultimately impacting consumers​​​​.

The insights provided by these business leaders shed light on critical areas that need attention to foster a more conducive environment for investments in the Philippines. Addressing hidden costs, ensuring policy consistency, enhancing business-government trust, and resolving infrastructural challenges are key strategies that could significantly boost the country’s economic growth and investment appeal.