Press Release
May 6, 2013

Business Group Want In on CCT II and PTK Plan

Senator Alan Cayetano today lauded the Administration for achieving New York-based Standard & Poor's (S&P) second investment-grade rating, raising the Philippines' grade to BBB- with a stable outlook from BB+ with a positive outlook on May 2, 2013.

"This is solid proof that the president was not just lucky in achieving the Philippines first-ever investment-grade status (from global credit watcher Fitch Ratings, which gave the country a BBB- from BB+ with a stable outlook on March 27, 2013) but by this second investment grade rating, we see that the effects of the institutional reforms that the administration has implemented are now truly being felt," Cayetano said.

"Now that direct investors are regaining confidence in the economy, let's do everything we can to make our industries grow," Cayetano proposed, encouraging top-level support for industries nationwide, especially through the encouragement of small and medium enterprises.

"In almost every province that I have visited, I urged the local businessmen to pursue their SMEs because more SMEs will translate to more jobs; and competitiveness will result in lower prices and effectively greater income for Filipino families," Cayetano said.

Various chambers of commerce nationwide expressed their support for Cayetano's proposal to increase the number of SMEs nationwide. "My vision is to develop the strongest industries in the country to be able to compete internationally," Cayetano said. "I want Quezon and Bicol to be coco coir hubs, for Cebu to be the furniture hub of Asia, and for Marikina to see a renaissance of the Marikina shoe industry. Industries start with small businesses that grow as demands increase."

This vision was widely lauded by the Filipino-Chinese Chamber of Commerce and Industry (FFCCCI), the Pampanga Chamber of Commerce and the Cagayan de Oro Chamber of Commerce, among other business organizations nationwide.

"If Senator Cayetano is able to pursue his proposal to allot half of the funds for the Conditional Cash Transfer Program for micro and small businesses, this will definitely shift the perception of the CCT from a dole out to a landmark program for nation building," the Pampanga Chamber of Commerce said.

News Latest News Feed