The country’s finance chief gave investors the green light to do business in the Philippines, while the government is implementing the necessary policies and reforms to address ongoing risks to the economy, according to statements sent by the Department of Finance (DOF) over the weekend.
“The Philippines’ high economic activity and rising investor confidence signal a rapid recovery and robust economic growth. While our prospects are bright, the Philippines is employing the necessary policy levers to address ongoing risks,” DOF Secretary Benjamin Diokno said during the Philippine Dialogue held at Washington, D.C. on October 14.
In a separate statement, the DOF said Diokno also expressed his readiness to welcome revenue-generating investments in the Philippines during the Standard Chartered Bank Sovereign Investor Forum on October 13, also in Washington, D.C.
“Foreign investors are now welcome to bring their capital into the country, especially in the fields of telecommunications, airports, toll roads and shipping,” Diokno said.
The forum was attended by around 100 global investors, including asset managers, insurers, private banks, bank treasuries and impact funds, from 25 countries.
Meanwhile, in his dialogue, Diokno noted that the pandemic-induced socioeconomic scarring, unpredictable geopolitical tensions and elevated inflation levels globally are areas where the country needs to remain vigilant.
He said the continued timely implementation of government measures is crucial in mitigating the impact of persistent supply-side pressures on food and other commodity prices.
“The government has intensified measures to help increase the domestic supply by ramping up local production, ensuring timely importation of goods, fertilizers and raw materials and improving distribution efficiency,” Diokno said.
Diokno detailed the structural reforms that would attract beneficial foreign investments and create high-value jobs in the country.
The Corporate Recovery and Tax Incentives for Enterprises Act and amendments to the Public Service Act, Retail Trade Liberalization Act and Foreign Investments Act have paved the way for the Philippines to be a strong competitor in the region.
On top of that, the administration is also increasing its efforts to guarantee adequate power supply to enable the economy to continually function.
“I’ve served four Presidents, and I think this is our — the Philippines’ — moment. So come to Manila,” Diokno said.
