Diokno gives green light to foreign investors, says PH prepared to address risks to economy

Finance Secretary Benjamin E. Diokno gave investors the green light to do business in the Philippines while the government is employing the necessary policies and reforms to address ongoing risks to the economy.

“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,” said Secretary Diokno during the Philippine (PH) Dialogue held at Washington, D.C. on October 14, 2022 (EDT).

In his dialogue, Secretary Diokno noted that the pandemic-induced socioeconomic scarring, unpredictable geopolitical tensions, and elevated inflation levels globally are areas where the country needs to remain vigilant.

He said that the continued timely implementation of government measures is crucial in mitigating the impact of persistent supply-side pressures on food and other commodity prices.

“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,” said Secretary Diokno.

Secretary Diokno detailed the structural reforms that would attract beneficial foreign investments and create high-value jobs in the country. The Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act and amendments to the Public Service Act, Retail Trade Liberalization Act, and Foreign Investments Act have paved the way for the Philippines to be a strong competitor in the region.

On topof that, the Administration is also increasing its efforts to guarantee adequate power supply to enable the economy to continually function.

“I’ve served four Presidents, and I think this is our—the Philippines’—moment. So come to Manila,” said Secretary Diokno in parting.

Organized by the Philippine Embassy in Washington, D.C. and the Philippine Trade and Investment Center (PTIC), the roundtable discussion served to brief investors on the economic outlook and investment opportunities in the Philippines.

Bangko Sentral ng Pilipinas (BSP) Governor Felipe M. Medalla, Department of Budget and Management (DBM) Secretary Amenah F. Pangandaman, and National Economic and Development Authority (NEDA) Assistant Secretary Sarah Lynne S. Daway-Ducanes also delivered their respective presentations and answered investors’ questions at the event.