During the recently-concluded Standard Chartered Bank Sovereign Investor Forum held in Washington, D.C., USA, the Philippines’ finance secretary, Benjamin Diokno, urged investors to start doing business in the country, saying that the government is currently implementing the necessary policies and reforms to address ongoing risks to the economy.
The Standard Chartered Bank forum was attended by around 100 global investors, which includes asset managers, insurers, private banks, bank treasuries, and impact funds managers from 25 countries.
“The Philippines’ high economic activity and rising investor confidence signal a rapid recovery and robust economic growth. While our prospects are bright, the Philippines is also employing the necessary policy levers to address ongoing risks,” Diokno said in his speech.
The Department of Finance (DOF) chief also expressed confidence that the country is now ready to welcome revenue-generating investments in the Philippines.
“Foreign investors are now welcome to bring their capital into the country, especially in the fields of telecommunications, airports, toll roads, and shipping,” Diokno was reported to have said during the event.
“I have served four Presidents, and I think this is our (the Philippines’) moment. So come to Manila,” he added.
PH to remain vigilant in light of the pandemic, unpredictable geopolitical tensions
During the dialogue, Diokno also noted that the country needs to remain vigilant in light of pandemic-induced socio-economic scarring, unpredictable geopolitical tensions, and elevated levels of inflation globally.
“The government has intensified measures to help increase the domestic supply by ramping up local production, ensuring timely importation of goods, fertilizers, and raw materials, as well as improving distribution efficiency,” he said.
He adds that the continued timely implementation of government measures is crucial in mitigating the impact of persistent supply-side pressures on food and other commodity prices.
Diokno also detailed the structural reforms that would attract beneficial foreign investments and create high-value jobs in the country.
The government’s National Strategy for Financial Inclusion was also cited, which launched a new six-year strategy that aims to facilitate a coherent, well-coordinated, and whole-of-nation undertaking toward achieving inclusive growth and financial resilience for every Filipino. This particular effort does not only entail support from commercial banks but also from digital banks, lending institutions, digital payment providers, and fintech companies.
There’s also the Corporate Recovery and Tax Incentives for Enterprises Act and amendments to the Public Service Act, Retail Trade Liberalization Act, and Foreign Investments Act, which have paved the way for the Philippines to be a strong competitor in the region.
On top of that, the administration is also increasing its efforts to guarantee an adequate power supply to enable the economy to continually function.