Gov’t needs clear industrial development plan

A top official of the Philippine Chamber of Commerce and Industry (PCCI) has urged the government to draw up a clear industrial development plan.

PCCI vice president for industries Ronald Chua said that after the economic team of Pres.Benigno Aquino III laid down the administration’s economic development agenda during the recent business conference, the was no plan or action agenda mentioned for the shrinking industrial and manufacturing sector, including the building of specific big-ticket infrastructure projects.

Chua who is president of the Cathay Pacific Steel Company, one of the few survivors in the domestic steel-making industry, noted that in all the presentations made by members of the Aquino economic team, the growth was planned to come from investments in tourism and the business process outsourcing industries.

Before Sec. Cayetano Paderanga became the government’s chief economic planner, he had been championing the revival of the country’s industrial sector, stressing that growth provided by the services sector would not be sufficient to create the quality jobs that millions of young Filipino graduates need each year.

Chua added that industrialization has been the chief development strategy for sustained growth of all of the newly industrializing economies in Asia.