The Philippines can grow as fast as 9 percent in 2021 as it continues to attract foreign investments despite the new coronavirus disease 2019 (COVID-19) pandemic, according to Ramon Lopez, secretary of the Department of Trade and Industry (DTI).
At a webinar hosted by the Philippine embassies in North America yesterday, DTI Undersecretary Ceferino Rodolfo reported that the Board of Investments at its recent board meeting has approved the biggest investment to ever register with the agency while a Japanese company is building a wiring harness production factory in Pangasinan which will employ 10,000 workers,
“We will definitely bounce back, you can count… on a much faster growth of 9 percent by 2021,” Ramon Lopez, secretary of the Department of Trade and Industry (DTI) said in the webinar.
“We were there, (we had) 6 percent growth (in 2019),” Lopez said.
According to Lopez, the DTI’s investment promotions strategy focuses on the as a complementary host country in the manufacturing industry, specifically those that are looking at diversifying their business locations to sustain and enhance competitiveness.
Lopez was referring to companies with China operations or companies with concentrated supplier base in China.
Lopez said the DTI will continue to attract Chinese and foreign for expansion and diversification brought about by the US-China trade war and COVID.
Rodolfo said the Japanese company engaged in wiring harness is a relocating to the Philippines.
On infrastructure, Rodolfo reported the big -ticket investment that was recently approved will help improve tourism and international travel in the north after the DTI obtained a written commitment from the proponet it will pursue the project.
According to Lopez, the government will continue its economic reforms, including the liberalization of some sectors through the amendments of the retail industry and the public services and the shortening of the negative list.
Lopez is also banking on the passage once Congress resumes session in August of the tax reform which enhances he country’s incentives and lowers the income tax rate.