Vision
PCCI is the voice of Philippine business recognized by government and international institutions. As a proactive catalyst of development, PCCI promotes and supports the drive for globally competitive Philippine enterprises in partnership with government, local chambers, and other business organizations.
Mission
The main responsibility of PCCI is to provide focused advocacy for business growth and sustainable development by providing business services for the advancement of grassroots entrepreneurship, chamber development, international trade relations, business innovation and excellence, and operating efficiency. These will be achieved through a professional organization working in close cooperation with various stakeholders in public and private sectors.
PCCI holds Philippine Economic Briefing; BSP projects 6 percent GDP this year
PCCI President Geoge Barcelon (center) presents the token of appreciation to BSP Governor Felipe Medalla (2nd from right) and Carlos Aboitiz, strategic convernor, Private Sector Advisory Council. Joining them are Alfredo M. Yao, director, PCCI Banking and Finance Committee; and, Ruben Pascual, PCCI secretary general
The Philippine economy is projected to grow at 6 percent by the end of the year, according to Bangko Sentral ng Pilipinas (BSP).
“The International Monetary Fund (IMF) says GDP is estimated at 5 percent but our own “nowcast”, which could change, is closer to the government’s target than the IMFs. If I were to bet my money, it is going to be 6 percent or higher this year,” BSP Governor Felipe Medalla said during the 2023 Philippine Economic Briefing organized by the Philippine Chamber of Commerce and Industry (PCCI) Banking and Finance Committee.
Medalla also said that apart from the relatively positive growth rate target, the country’s inflation could also likely lower to 4 percent by the fourth quarter of 2023. He attributed the spike in prices of commodities to supply-side pressures. However, he is confident that these are all being addressed already by the government.
PCCI President George Barcelon said that despite recovering from the COVID-19 pandemic and strong growth, economic challenges and issues continue to persist.
“The World Bank has reported that our country is likely to lose its growth momentum this year. And while we may be fortunate that we have our overseas workers whose remittances continue to support our economy, we remain wary that high inflation could erode real incomes and trigger stronger calls for wage increases,” Barcelon said.
Barcelon also called on the private sector to focus on collaborative efforts to cushion the impact of inflation, rising interest rates, and other issues hindering the growth of the country.
Meanwhile, Mr. Sabin Aboitiz, lead convenor of Private Sector Advisory Council (PSAC) highlighted the importance of strong public and private partnerships in ensuring progress for the country.
“We believe in partnerships not because they're just about sharing the load, but because they multiply the impact. The partnerships between the private and the public sectors are the only keys that can unlock the doors to progress because they leverage the strength of both sectors towards one shared vision,” Aboitiz said.
The event was attended by over 150 participants composed of PCCI officers and members, local members, government and media. Donna Angulo/Paula Pascual