Reforms undertaken to improve competitiveness offer a green light to investors seeking to do business in the country, Finance Secretary Benjamin Diokno said.
“The Philippines’ high economic activity and rising investor confidence signal a rapid recovery and robust economic growth. (W)hile our prospects are bright, the Philippines is employing the necessary policy levers to address ongoing risks,” Diokno said during the Philippine Dialogue held in Washington D.C. recently.
The secretary said the pandemic-induced socioeconomic scarring, geopolitical tension, and elevated inflation globally are areas where the country needs to remain vigilant.
Timely implementation of government measures is crucial in mitigating the impact of persistent supply-side pressures on food and other commodity prices, Diokno added.
“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, and improving distribution efficiency,” he said.
Ready for growth skein
Moreover, the government also expressed its readiness for revenue-generating investments in the country.
“Foreign investors are now welcome to bring their capital into the country, especially in the fields of telecommunications, airports, toll roads, and shipping,” Diokno said.
The secretary has briefed investors on the Philippines’ economic outlook and fiscal policies, including the country’s Medium-Term Fiscal Framework.
“The Framework promotes transparency and credible commitment to pursuing our socioeconomic goals while ensuring that the fiscal deficit will return to pre-pandemic levels and the debt ratios to more sustainable levels,” Diokno said.
“Overall, the Medium-Term Fiscal Framework aims to promote the sustainable long-term growth and sound fiscal management,” he added.
Moreover, Diokno also showcased the game-changing reforms that would lead the country back to its high growth trajectory.
The strategy involves attracting domestic and foreign investments to create high-value jobs.
Furthermore, investors can now look forward to a fair, objective, and evidence-based assessment of their projects as they apply for fiscal incentives in the Philippines under the Fiscal Incentives Review Board, the secretary added.
The forum aims to update investors on key macroeconomic developments and outlook, as well as priority legislative reforms of the current administration.