Diokno to US investors: PH is primed for a bright economic future

FINANCE Secretary and chairman of the Economic Development Cluster Benjamin Diokno showcased the Philippines’ solid macroeconomic fundamentals and “bright economic future” before American and international business communities at the Philippine Economic Briefing (PEB) in New York City, United States of America on Sept. 22, 2022.“As we pursue the economic transformation of the Philippines in the next six years, the Marcos administration is determined to explore new frontiers with investors from the US and the rest of the world. This is why we believe that this is the best time to do business in the Philippines,” said Diokno in his keynote speech for the panel discussion on the Philippines’ economic performance and outlook.The PEB was part of President Ferdinand “Bongbong” Marcos Jr.’s six-day working visit to the US in a bid to drum up foreign investments in the Philippines.With a total trade of $108.7 billion from 2016 to 2021, the US ranks as the Philippines’ third largest trading partner and fourth top source of foreign direct investments (FDIs) at $1.35 billion total FDIs over the same period.It is also the Philippines’ biggest source of overseas Filipino remittances, with over four million Filipinos living and working in the US.Diokno briefed potential foreign investors on the Philippines’ strong economic performance and brightening outlook and expounded on the government’s efforts to push the Philippines towards broad-based and sustainable growth over the next six years.This goal is underpinned by the enactment of key structural reforms, the full reopening of the economy, and a first-of-its-kind medium-term fiscal framework, which contains various measures that will promote fair and efficient tax administration in the country through digitalization as well as mainstream environmental sustainability initiatives to mitigate the impact of climate change.Revenue collectionDigitalization will likewise play a key role in enhancing the efficiency of revenue collection in the country and modernizing its tax system, according to Diokno.He presented significant developments in the country’s fiscal sector, including the recent enactment of economic liberalization measures that will further widen the space for joint ventures and foreign participation in strategic industries, making the Philippines a premier investment destination in the region.“We have set in place structural reforms to establish a business-friendly environment for both domestic and foreign investors, and we anticipate significant benefits from the implementation of these structural reforms,” said Diokno.Diokno also expects the public-private partnership arrangement to unlock more meaningful employment opportunities for the Filipino people and reduce poverty incidence in the long run. (PR)