The Philippines should focus more on manufacturing and shift from a consumer-driven to an industry-led economy, an expert said.
At the 3rd Philippine Infrastructure Summit, led by PwC Philippines and the Public-Private Partnership Center (PPPC) in Makati City on November 14, PwC chairman and senior partner Roderick Danao emphasized the critical role of public-private collaboration in advancing the country’s infrastructure goals.
“To achieve inclusive and sustainable social and economic development, our country needs to attract more foreign direct investments (FDIs), with a greater focus on manufacturing,” Danao said in his remarks.
Danao also called for efficient implementation of ambitious projects, underscoring the need for a shift from a consumer-driven to an industry-led economy.
He said this transition, supported by forward-thinking infrastructure, is crucial for the Philippines to realize its projected economic growth and become the 15th largest economy by 2050, as forecasted by the World Bank.
In the same forum, Undersecretary Angel Ignacio of the Office of the Special Assistant to the President for Investment and Economic Affairs, highlighted the administration’s commitment to an investment-led economy, emphasizing an open FDI policy framework.
“This administration is committed to harnessing the private sector to transform our economy to an investment-led one. Our policy framework for FDI is the most open and liberal it has ever been,” Ignacio said.
Ignacio said various government agencies are contributing to efforts to attract FDIs in renewable energy, tourism, semiconductors and electronics, mining and mineral processing, food and agriculture, pharmaceuticals and medical devices, and steel.
Cynthia Hernandez, executive director of the PPPC, identified water, waste management, and renewable energy as priority sectors for investment to build a robust, environmentally conscious economic foundation.
