The Department of Finance (DOF) said the government’s infrastructure modernization program will shield the Philippines from the global growth slowdown, and will make the country a more attractive investment destination.
Carlos Dominguez, DOF secretary, assured foreign investors the “Build, Build, Build” will provide the Philippines the stimulus it needs to keep creating jobs and opening new investment opportunities despite the global economic slowdown.
Dominguez specifically invited Singaporean investors to consider investing in “Build, Build, Build” and other related businesses that would open up as a result of the infrastructure modernization program.
Led by its chairman Teo Siong Seng, the Singapore Business Federation (SBF) met with Dominguez and other DOF officials to know more about the business climate in the country and explore investment opportunities here. SBF represents 25,800 companies based in Singapore.
Dominguez said “Build, Build, Build” will create jobs and boost domestic consumption, thereby shielding the domestic economy from the global growth slowdown, the adverse effects of the ongoing US-China trade war and other risks to the government’s efforts to sustain the Philippines’ high growth rate.
“The Philippine economy continues to demonstrate strength, stability and resilience in adverse conditions. We hope to sustain our growth, relying on strong domestic demand to offset the general slowdown,” Dominguez said in his meeting with SBF members at the DOF office yesterday morning.
“Private sector participation is not only in our country’s ‘Build, Build, Build’ program, but also in investments that would open up as a result of our infrastructure modernization, and we think that the Singaporean investors should take a close look at that,” he added.
“Even as the global economic outlook deteriorates further, we are confident that the economic stimulus provided by our infrastructure program will continue to create new jobs and be very beneficial for businesses in the sense that it will lower your logistics costs in the Philippines,” he also said.
Another key advantage of the Philippines which Dominguez said makes him “even more confident” of the economy’s stable outlook is its young and well-educated workforce with a median age of 24 years old.
This is in sharp contrast to the aging populations of the region’s more mature industrialized countries and some Asean economies, such as Singapore, which can team up with the Philippines as “demographic partners” so that they can complement each other’s economic strengths, Dominguez said.
The SBF delegation included officials from Keppel Corp. Ltd., Adera Global Pte Ltd., Creative Eateries Pte Ltd, Poh Tiong Choon Logistics Ltd., Gobi Management Pte Ltd., Yusarn Audrey and Singapore Industrial Automation Association.