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“Most see 2023 as a continuing recovery mode and recognize some risk and concerns that could dampen the business climate. These include possible legal challenges to the Public Service Act and renewable energy implementing rules and regulations allowing 100% foreign ownership. Challenges lead to uncertainty and uncertainty leads to a wait-and-see situation. Other concerns are the possibility of a recession, higher energy cost, and high inflation,” Mr. Hinchliffe said.
However, Mr. Hinchliffe said that other recently passed measures would also entice more foreign direct investments into the Philippines in the new year. Rosemarie B. Ong, Philippine Retailers Association president, said in a mobile phone interview that local retailers are “cautiously optimistic” for 2023 due to economic challenges.
To counter surging inflation, the Bangko Sentral ng Pilipinas hiked interest rates by 50 basis points, bringing its policy rate to 5.5%. Rates on the overnight deposit and lending facilities were also increased to 5% and 6%, respectively. Ms. Ong said that the PRA is confident that the Philippine retail would be able to adapt to the economic challenges.
“Expansion plans put on hold by those in retail, food, construction and tourism are slowly coming to fruition as the economy opens. We see growth slowly building up to pre-pandemic levels,” Mr. Cua said. “Unhampered production of fast-moving consumer goods due to ample power supply and cheaper rates, more orderly traffic even as we invest in infrastructure for public transport and thoroughfares, stable peso versus the dollar, decreasing prices for fuel and imported basic raw materials — all of these would augur well for a better economy in 2023,” Mr. Cua said.
George T. Barcelon, Philippine Chamber of Commerce and Industry president, said that it is still too early to predict the outlook of the Philippine business sector in 2023.Meanwhile, British Chamber of Commerce Philippines Executive Director Chris Nelson said that he is optimistic about the local business sector’s performance in 2023.
“We need to see RCEP through because this allows the Philippines to trade with a huge trading bloc. It is just a reinforcement that the Philippines is an important market and a gateway to Southeast Asia,” Mr. Nelson said.
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