IF the average Filipino is already complaining about the increasing price of electricity in the country, how much more so for businessmen?
According to Dr. Pedro Cecilio, President of the Federation of Filipino Chinese Chambers of Commerce and Industry Inc. (FFCCCII), one of the challenges faced by businessmen in the Philippines is the exorbitant price of electricity—which, according to him, is higher compared to China and its neighboring countries.
“First and foremost, our electricity is very expensive. We are twice or three times higher than China. Even among our neighbors, we are the highest other than Japan and Singapore,” said Dr. Pedro Cecilio – President, FFCCCII.
To recall, in an interview with SMNI News, economist Dr. Michael Batu mentioned that businesspeople are reluctant to invest in countries that have high electricity rates.
Meanwhile, Dr. Cecilio also highlighted another major challenge for businessmen regarding national security.
“Peace and order are also important. They [businesspeople] want to make sure that there is peace where they won’t be kidnapped or encounter problems with peace and order,” Cecilio added.
These issues, according to FFCCCII, should be given priority by the government.
“Let’s discuss what priorities we have laid down. Let’s put them in the right place so that investors see them, they will come in immediately,” Cecilio added.
If the government does not take action on this, Dr. Cecilio warned that the Philippines will be left behind by its neighboring countries.
According to the Global Opportunity Index report in March, the Philippines lags behind in attracting foreign investment among top emerging and developing countries in Asia.
Dr. Cecilio also advised that the government should ask investors what they need and discuss how to solve these pressing issues.
