The US-Asean Business Council (USABC) has pledged to bring in more investments to the Philippines, as the group underscored the country’s rapid growth, favorable demographics and business-friendly policies as key factors attracting growing attention.
In a recent social media post, the Department of Finance (DOF) said Finance Secretary Ralph Recto encouraged the council to explore opportunities in key strategic sectors, including data centers, defense, the national grid and renewable energy, among others.
The USABC is the premier advocacy organization for US corporations operating within the Asean
It has a membership of more than 170 companies, generating almost $7 trillion in revenues and employing more than 14.5 million people.
Recto engaged in a dialogue with senior executives of the USABC on November 13 to brief them on the country’s new revenue and investment reform laws as well as discuss deeper collaboration on digital transformation initiatives.
During the meeting, Recto briefed officials on the key features of the newly enacted Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy Act and the Value-Added Tax on Digital Services Act.
The council thanked the DOF for being a staunch partner of the private sector, emphasizing that its meetings with DOF officials consistently focus on creating both short-term and long-term solutions for their concerns.
The council also reaffirmed its commitment to helping the government’s digital transformation projects.
The USABC was represented by Senior Vice President and Regional Managing Director Ambassador Brian McFeeters, Chief Representative for ASEAN and the Philippines Florina Vistal and Associate Catherine Salazar.
