FINANCE Secretary and Economic Development Group Chairman Benjamin Diokno presented the Philippines’ strong macroeconomic fundamentals and “bright economic future” to the U.S. and international business communities at the Philippine Economic Briefing (PEB) in New York, United States of America, September 29. 22, 2022.
“As we continue the economic transformation of the Philippines over the next six years, the Marcos administration is committed to exploring new frontiers with investors from the United States and around the world. That’s why we think it’s the best time to do business in the Philippines,” Diokno said in his keynote address to the Philippines Economic Performance and Prospects Roundtable.
The PEB was part of President Ferdinand “Bongbong” Marcos Jr.’s six-day working visit to the United States in an effort to boost foreign investment in the Philippines.
With total trade of $108.7 billion from 2016 to 2021, the United States ranks as the Philippines’ third largest trading partner and fourth largest source of foreign direct investment (FDI) with total FDI of $1.35 billion over the same period.
It is also the largest source of overseas Filipino remittances from the Philippines, with over four million Filipinos living and working in the United States.
Mr. Diokno briefed potential foreign investors on the Philippines’ strong economic performance and prospects for improvement, and outlined the government’s efforts to push the Philippines towards broad-based and sustainable growth over the next six years.
This objective is underpinned by the enactment of key structural reforms, the full reopening of the economy and a unique medium-term fiscal framework, which contains various measures that will promote fair and efficient tax administration in the country through digitalization. as well as widespread environmental sustainability initiatives to mitigate the impact of climate change.
Digitization will also play a key role in improving the efficiency of revenue collection in the country and modernizing its tax system, according to Diokno.
He outlined important developments in the country’s fiscal sector, including the recent enactment of economic liberalization measures that will further expand the space for joint ventures and foreign participation in strategic industries, making the Philippines an investment destination of prominent in the region.
“We have put in place structural reforms to create a business-friendly environment for domestic and foreign investors, and we anticipate significant benefits from the implementation of these structural reforms,” Diokno said.
Diokno also expects the public-private partnership agreement to unlock more meaningful employment opportunities for the Filipino people and reduce the incidence of long-term poverty. (RP)