The plan to establish a regional economy in the country was unveiled last year, but the plan has been met with criticism from local businesses and activists.
The government announced the regional economy plan in December, but critics say the plan is not a proper solution for the country’s rapidly aging population.
“The regional economy will bring in economic growth, jobs, services, etc., but it will also hurt local businesses because the proposed regions will have little ability to compete with the bigger, international cities that already have regional economies,” said Ricardo Sanchez, the president of the Philippine Chamber of Commerce.
The plan will also create a huge economic impact on local communities, as it will create a region-wide tax structure that will reduce the tax burden on businesses in the region.
The new regional economy is slated to be launched this week, and will have 10 regions, as well as 10 regions with two regions, and five regions with three regions.
The regions are: the Davao City region, the Pampanga region, Cebu City region and Lanao del Norte region.
Sanchez, however, has not ruled out the regional regions joining forces with Manila to form a regional economic zone, or even joining forces in a region that has not yet been officially created.
“We have a proposal from the government that they are thinking about it.
We are looking forward to working with them on this,” he said.
The Davao region is already home to the countrys second largest economy, with the city hosting more than 1.5 million people.
Davao has also seen a surge in foreign investment, which has created a new boom of foreign companies looking to invest in the local economy.
However, Sanchez noted that the regional economies plan will not only affect Davao, but other regions that are not yet established.
“We are also concerned about the future of the Cebuean and Cebuanas regions.
The Davao area is also facing challenges.
So there is a lot of concern about what this plan might do to the regions.
We want the regional government to work with us on this, and I am hopeful that this will be a positive step,” Sanchez said.
According to Sanchez, Davao will have a $20 billion region, but many local businesses will not be able to compete.
“They will not have the capability to compete on the global level,” Sanchez explained.
The region is expected to generate $100 billion annually, but it is unclear whether this money will come from foreign companies or local entrepreneurs.
Local business owners say they will be unable to compete, as foreign companies will not come here to invest, and they will not hire local employees.
“These companies want to invest here, but we are not able to find workers.
They want us to hire foreign employees.
If they want to come here, they will have to go elsewhere.
They will have no choice but to go back to the Philippines,” Sanchez added.
The regional economies plans will be unveiled in Davao on Wednesday, December 10.
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