BSP governor makes case for PHL resurgence before Japanese investors

Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno made a strong case for the country as an attractive investment destination to Japanese investors by highlighting solid economic fundamentals and sustained recovery.

The Philippine economy grew by a better than expected 5.6 percent in 2021, exceeding the government’s 5 to 5.5 percent target range. The strong growth is expected to accelerate even further this year, with the official government’s projection of 7.0 to 9.0 percent.

“We are optimistic that there is sufficient support for the country’s recovery this year and in the near term. The management of risks, the expected revitalization of key industries from government policy support and structural reforms, as well as the resumption of global economic activities should help the Philippine economy move toward a steady recovery path,” Diokno said during the “Philippine Economic Briefing 2022 for Japanese Investors.”

Diokno said the BSP will remain supportive of the economy as long as necessary. “The BSP will keep its policy settings and regulatory relief measures supportive of the economy as needed. Withdrawal of policy measures will only be done once full recovery is underway,” the Governor said.

The BSP Governor cited other favorable macroeconomic assumptions for the Philippines for this year, including within-target inflation, rising exports and imports, rise in remittances, increase in foreign direct investments, and continued resilience of the country’s overall external accounts.

The briefing was organized by Daiwa Securities Group Inc., in collaboration with DBP-Daiwa Capital Markets Philippines Inc.

Attended by over 200 participants that included institutional investors, credit agencies, and related institutions, the event sought to provide updates on the Philippine economy and engage investors on investment opportunities in the Philippines. (BSP)