Priorities seen drawing industries

Strategic economic priorities of the government included providing economic conditions to attract more investors to industrial projects, Trade Secretary Alfredo Pascual said during the Philippine Economic Briefing in New York.

Pascual led the second panel discussion on infrastructure and industry where he shared the government’s efforts to jumpstart the country’s industrialization and economic transformation.

“Our task in government is to create the enabling conditions for the private sector, both local and international, as they inject dynamism into our country’s industrialization,” Pascual said.

The Philippine Economic Briefing in New York is part of the official program of the Philippine delegation on the sidelines of the visit of President Ferdinand Romualdez Marcos Jr. to the United States to participate in the 77th Session of the United Nations General Assembly.

Invest plans highlighted

In his keynote speech, Pascual highlighted plans to attract foreign investments through the government’s tier-specific and flexible incentives.

He said the industrialization plan leverages Industry 4.0 technologies and the country’s existing industrial strengths and competencies to upgrade, diversify and reposition its global value chain participation.

“Science, technology and innovation will drive our efforts to build an inclusive and sustainable industrial base supported by efficient and reliable infrastructure facilities,” the Trade Secretary explained.

He also added that the Philippines’ industrialization strategy focuses on four clusters: 1) Industrial, Manufacturing, and Transport; 2) Technology, Media, and Telecommunications; 3) Health and Life Science; and 4) Modern Basic Needs and a Resilient Economy. During the panel discussion, the trade chief mentioned that the government is taking a holistic approach toward e-government as a medium to further boost the ease of doing business in the country.

When asked about what steps the government will take to generate more foreign direct investments, Secretary Pascual cited the policy reforms that have been adopted by government such as Public Service Act, Foreign Investment Act, Retail Trade Liberalization Act, and the Corporate Recovery and Tax Incentives for Enterprises Act.

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