Rosy business prospects for 2024: Romero

Pampanga businessman Rene Romero has predicted a “challenging year but bright business prospects for 2024” amid the challenges and the inflation.

Romero said 2024 “would be particularly challenging for the business sector citing the apparent failure of the government to “arrest the inflation.”

High inflation, high cost of living, high interest rates and climate change had been apparently affecting economic growth. 

Romero said the El Nino phenomenon that is expected to linger in the 2nd and 3rd quarter of the year will affect agricultural produce. “Yung mga vegetables hindi po mag sa survive yan kung magiging severe talaga (El Nino). So ang epekto po sa atin niyan ay sa last quarter or sa first quarter ng 2025.”

Romero cited that farmers would not be able to harvest properly if El Nino will affect farmlands. “Tataas po ang halaga ng ating kinakain.”

Let us “work hand-in-hand to arrest the challenges,” according to Romero.

Romero said prices of raw materials will also increase and this would affect consumers.

Externally, the country had been affected by the current wars between Russia and Ukraine and between Israel and Hamas. The continued Sino-PH rift at the West Philippine Sea was also affecting peace stability.

Romero said PH and growth centers such as the Clark Freeport Zone needs labor-intentive businesses. 

“Hindi ko po napapansin na ang kababayan natin ay umaasenso. So totoo lang hirap po sila (Pilipino),” said Romero.

Growth was moderate in 2023. This 2024 it can be moderate or better than 2023. “Nasa plano po ng ating gobyerno.”

“I would say 2024 would be a better year. It could be the best year ever. Private sector and the government should work hand-in-hand to arrest the challenges,” said Romero.

The government should come up with good measures to mitigate climate change. ‘Malaki po ang effect ng climate change.”

Meanwhile, Architect Brian John Mangio said, “The government has a big role to control inflation and we need to secure our food as well.” 

“Food security is so important. It boils down to the consumers, tumataas lahat ang presyo,” said Mangio. I know that Kapampangans are very resilient and driven. Kahit mayroon tayong pandemic, yung recovery ng food business would be after the pandemic but 2023 had been a great year.”

“For 2024, we are still looking at growth. We are all positive for what 2024 can give us. But then we also have to remind people  that we have to be very cautious in business. We had just come from a very difficult period. Hopefully we can sustain all these developments.”

“We need to think of the coming years as well,” said Mangio.

“For young people, alam natin ang digital economy is growing. We need to provide good education for young people,” said Mangio.

In the next years, Artificial Intelligence (AI) might dominate the workplace, said Mangio, who has encouraged citizens to do better with their education because AI might not

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