DOF chief welcomes foreign investments in telco, airports, toll roads, and shipping

Finance Secretary Benjamin Diokno expressed his readiness to welcome revenue-generating investments in the Philippines during the Standard Chartered Bank (SCB) Sovereign Investor Forum on October 13, 2022 (EDT) at the Ritz-Carlton in Washington, D.C.

“Foreign investors are now welcome to bring their capital into the country, especially in the fields of telecommunications, airports, toll roads, and shipping,” said Secretary Diokno.

The SCB hosted its 5th annual Sovereign Investor Forum on the sidelines of the 2022 Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG).

The forum aims to update investors on key macroeconomic developments and outlook, as well as priority legislative reforms of the current administration.

Secretary Diokno briefed investors on the Philippines’ economic outlook and fiscal policies, including the country’s first-ever Medium-Term Fiscal Framework (MTFF).

“The Framework promotes transparency and credible commitment to pursue our socioeconomic goals while ensuring that the fiscal deficit will return to pre-pandemic levels and the debt ratios to more sustainable levels,” said Secretary Diokno.

“Overall, the Medium-Term Fiscal Framework aims to promote sustainable long-term growth and sound fiscal management,” he added.

He 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.

The Corporate Recovery and Tax Incentives for Enterprises Act (CREATE), amendments to the Public Service Act, Retail Trade Liberalization Act, and Foreign Investments Act were among the key structural reforms he mentioned.

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 (FIRB).

The forum was attended by around 100 global investors, including asset managers, insurers, private banks, bank treasuries, and impact funds, from 25 countries.

Now on its 150th year in the country, SCB is a leading international banking group that was the first of its kind to be established in the Philippines in 1872.