MCCI: “2023 was a challenging year, no way but up in 2024”

MANDAUE CITY – Mandaue Chamber of Commerce and Industry (MCCI) president Kelie Ko sees the year 2023 as a challenging year as companies’ bottom line remain subdued due to higher input costs. 

“Nevertheless, many believe that we have reached the bottom in 2022 and 2023, so there is no way but up going forward. What remains to be seen is whether we will go up an escalator or tread up the stairs slowly,” Ko said, in his year-ender message during MCCI’s Chamber Night and Party in December 2023.

Ko noted that Some industries have also struggled, including the construction sector where   construction materials supply industry has seen one of its worst years, even slower than 2022 due to tempered demand from building construction. 

According to Ko building construction will not be in full swing next year noting that traditionally, construction is a laggard when it comes to reacting to economic conditions.

“On a positive note, tourism numbers have started to return as evidenced by data on airport traffic,” Ko pointed out that this is an indication that the tourism sector has somehow recovered slowly.

However, economists see a better year ahead adding that tourism numbers will continue to grow although the slowing down of China’s economy might prolong the recovery a bit, Ko added that in 2019 more than 1.7 million Chinese tourists came to the Philippines and spent over $2.3 billion.

Interest rates, Ko said, remain critical to reaching the economy’s turning point and cited that the Bangko Sentral ng Pilipinas (BSP) is expected to keep interest rates at elevated levels, at least up to the early part of 2024 to keep inflation at bay. The high-interest rates would dampen borrowing for expansion and home buying.

Ko added that geopolitical tensions that may pose a risk since there are high-profile elections internationally that have the potential to change the global political and economic dynamics.

MCCI ends 2023 with fun and music, new BOT members

The Chamber ended 2023 with the successful Mandaue Chamber Night and Christmas Party 2023, with a night of fun and music with a song number from MCCI President Ko and entertainment from The Abyss Dance Company, The Prodigious Dance Company, and the Revel Band.

Meanwhile, MCCI recently held its annual membership meeting and conducted its election for the chamber’s board of trustees with its new elected members that include-- Kelie Ko, General Manager of KGK Management Corp.; Bambi Gothong, President and Chief Executive Officer of AD Gothong Manufacturing Corp.; Mark Anthony Ynoc, Vice President of Prime Movers Total Logistics Inc.; Walter Ong, Chief Finance Officer Worldwide Steel Group; Samuel Lao, President of Realty Options Marketing & Consultancy Inc.; Marvey Alcantara, Uratex General Manager ; Mary Anne Rose T. Dakay, Chief Operating Officer of Shemberg Marketing Corp.; Anthony Noel, Vice President Aboitiz Equity Ventures Inc. Corporate External Affairs; and Angelo Jose Gandionco, Project Manager of Julie’s Franchise Corp.

MCCI’s newly elected members of the BOT are members that had been initiating several activities in 2023 including the events during the Mandaue Business Months (MBM) namely; the Mandaue Business Summit, Business Connect, Bakery World, Trees Brew Life, Talent Fest, and the Lord of the Pins Bowling Tournament. (Photos: MBCNewman)