Now is the best time to invest in Asia’s ‘next powerhouse’

FILE: I thank the World Bank for this opportunity to share with leaders of American business community the PH’s growth story & the progress that our country has achieved over the past 3 years of implementing game-changing reforms under the Duterte administration to power our economy. (Photo: @SecSonnySays/Twitter)

WASHINGTON, DC — Finance Secretary Carlos Dominguez III told leaders of the American business community that now is the “best time” for them to invest more in the Philippines so they could maximize the benefits of participating in a robust economy poised to become Asia’s next economic powerhouse, the Department of Finance (DOF) said in a statement on Monday.

Speaking before members of the United States Chamber of Commerce (USCC), Dominguez said American companies can participate in new opportunities in the Philippines, in, among others, the sectors of energy, infrastructure, information and communications, technology, health, and education to further strengthen the bilateral ties between Manila and Washington.

“Our prospects for faster economic growth in the coming years should be an avenue for stronger collaboration with the US, especially with the private sector. We would like to encourage US businesses to be more engaged in the Philippine market not only in the infrastructure program but also in investments that would come as a result of our infrastructure development,” Dominguez said during a roundtable lunch with USCC members held last April 12 at the organization’s headquarters here.

Also at the roundtable lunch were USCC officials led by Senior Vice President for Asia Charles Freeman, Executive Director for Southeast Asia John Goyer and Senior Manager for Southeast Asia Javiera Gallardo.

They were joined by top executives from Texas Instruments, Coca Cola, TransUnion, Proctor & Gamble, Dow, Cargill, Fluor, Philip Morris International and IBM.

Dominguez said the Philippines is now in a promising position to become Asia’s “next powerhouse” as a result of its rapid economic expansion sustained through the government’s implementation of tough reforms and record investments in infrastructure and human capital development.

To further build investor confidence, Dominguez said the Duterte administration is currently undertaking efforts to address government inefficiency, the infrastructure gap, official corruption, and the high cost of doing business.

The signing into law of the Ease of Doing Business (EODB) Act and the administration’s push for the swift congressional approval of the Tax Reform for Attracting Better and Higher Quality Opportunities (TRABAHO) Bill — it aims to lower the corporate income tax (CIT) rate and rationalize fiscal incentives to make them performance-based, time-bound, targeted and fully transparent — are among the measures being undertaken by the Duterte administration to further enhance the Philippines’ status as a premier investment destination in the region.

“You are looking at a Philippines that is invigorated and moving forward very quickly,” Dominguez told USCC members during the event.

Dominguez reassured USCC members that as far as the TRABAHO bill is concerned, the government will not remove fiscal incentives but would even improve on these investment perks. (DOF PR)