The Filipino-Chinese business community, believed to be the real engine of growth in the country, said the domestic economy should go back to faster growth in 2010 as the world economy recovers from the slump in 2009.

“2010 should be a better year than 2009. We should go back to a faster growth rate in 2010,” said Alfonso Uy, President of the Federation of Filipino-Chinese Chamber of Commerce and Industry Inc. (FFCCCII).

Uy said that the country’s economic growth drivers should be agriculture, mining, BPO, tourism and the added liquidity provided by the election expenditures.

“These are the naturally endowed resources of this country that we need to maximize,” Uy said.

He noted that agriculture has not been growing as it should because of the lack of irrigation facilities.

“Agricultural production has been limited for lack of water, but during rainy days we have massive flooding because we are not able to catch the rains to irrigate our lands and to generate electricity,” Uy said.

For instance, he noted the planned irrigation project that would provide water to 36,000 hectares of land in Iloilo has never prospered.

“That project has been there since the 70s and still remains a plan up to this day when that could have boosted rice production and help prop up our food security,” Uy said.

Thus, investments in agriculture should be made by government and encouraged by the private sector.

On the tourism sector, Uy said this is one sector that has a big prospect because the scenic spots are already existing in this country.

“It is up to us to maximize these tourism potentials,” he said.

The BPO sector is also expected to be back to its 40 percent annual growth rate from the 25 percent growth rate in 2009. “The domestic economy will also get an added boost from the elections because the huge expenditures from the politicians would create additional economic activities,” he added.

While all the economic indicators point to an economic rebound next year, Uy said he would rather be conservative and stay with the analysts projection of 3.5 percent growth rate next year.