from the article by BERNIE CAHILES-MAGKILAT

Congratulations to Xavier alumnus Francis Chua (67), who was elected as the next president of the Philippine Chamber of Commerce and Industry, the country’s biggest and most influential business organization.

He will replace outgoing PCCI president Edgardo B. Lacson starting January next year. Francis Chua, businessman and Malacanang special envoy on investments to China, said that bringing the economic growth down to the masses would be the main concern during his presidency. Normally, a PCCI president has a fixed term of two years.

During a talk with reporters, Chua pointed out that the economy has consistently been posting economic growth even during the global financial crisis. “The per capita income has doubled and the gross domestic product has posted considerable growth. Those figures were correct, they were not padded or doctored, but when people are asked if their life has improved, they would say their situation have worsen over the years. That is the big challenge, the economic growth has not translated to better quality of life to our people because there is unequal wealth distribution,” Chua said.

According to Chua the problem is not on the ability of the government to help, but rather on how to implement measures to bring the wealth generation down to the grassroots. “The economy is growing and foreign revenues inflow are good, there is always a positive news about the economy but the problem is not on that side, the problem is equitable distribution of wealth,” he pointed out.

Chua said that this phenomenon is not unique to the Philippines but also in newly industrializing country like China. “The eastern part of China is well developed but when you go to the western part, that is where poverty is very real,” he said. Chua, however, said this is not a kind of a failure but is growing phenomenon because even a country as good China is facing this challenge. “The challenge is for the government to develop economic measures that should put focus and bias for the poorest of the poor,” Chua said.

Chua said the forthcoming elections would be an opportunity for the citizenry to choose the right leader.
Chua is already planning of conducting a Presidential candidates forum purely on economic and business issues. The only problem though in the holding of a presidential forum is the synchronization of schedules because the candidates are also busy campaigning in the provinces.