EU Investors Flock to Philippine Economic Dialogue in Milan

MILAN, Italy — The Philippines drew an unexpectedly strong turnout from European investors at the inaugural Philippine Economic Dialogue (PED) in Milan, signaling rising global confidence in the country’s economic reforms and investment potential.

Held on May 6, 2025, on the sidelines of the 58th Asian Development Bank (ADB) Annual Meeting, the event attracted over 100 investors, business leaders, and bankers—three times the anticipated attendance.

The PED aimed to promote the country’s reform agenda and investment climate, particularly highlighting the newly enacted Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act.

“The CREATE MORE Act modernizes the country’s fiscal incentive system for strategic industries and streamlines tax administration to align with the national priorities,” said Department of Economy, Planning, and Development Secretary Arsenio M. Balisacan during his keynote speech.

Secretary Balisacan emphasized the Philippines’ position as a regional economic standout, driven by a young, tech-savvy workforce, a fast-growing digital economy, and strong infrastructure development.

He presented the government’s PHP 10.1 trillion (USD 177.7 billion) Infrastructure Flagship Projects (IFPs), composed of 207 major initiatives aimed at catalyzing long-term, investment-led growth.

Department of Finance Undersecretary and Chief Economist Domini S.D. Velasquez, speaking on behalf of Secretary Ralph G. Recto, assured attendees of the Philippines’ solid fiscal footing, efficient revenue mobilization, and firm commitment to economic transformation.

“This is the century of Asia…and the Philippines must be the protagonist of the century, not just one of the members,” said Raffaele Cattaneo, Undersecretary for International and European Relations of the Lombardy Region. “You have all the conditions to be one of the protagonists…[as] one of the fastest-growing economies in Asia [with] a large and young population.”

Department of Budget and Management Secretary Amenah F. Pangandaman discussed public expenditure priorities aligned with the Medium-Term Fiscal Framework (MTFF), and introduced the New Government Procurement Act (NGPA).

Touted as a major anti-corruption reform, the NGPA aims to modernize public procurement through digitalization, close loopholes, and improve efficiency in government transactions.

ADB Southeast Asia Director General Winfried Wicklein praised the Philippines’ efforts to reduce red tape and foster a more transparent regulatory environment.

“There has never been a more exciting time to invest in the Philippines,” said Wicklein.

Agriculture Undersecretary Asis G. Perez encouraged Italian companies to invest in the mechanization and digitalization of Philippine agriculture, pointing to rising demand for agritech solutions.

Meanwhile, BSP Assistant Governor Zeno Ronald R. Abenoja and ADB Deputy Director General Pavit Ramachandran joined the high-level panel, contributing financial and development insights.

Katrina Banzon, Commercial Counsellor and Director of the Philippine Trade and Investment Center in Paris, discussed improved ease of doing business, particularly in priority sectors such as aerospace, automotive, electronics manufacturing, critical minerals, and IT-BPM.

She also emphasized investment opportunities in the country’s renewable energy and industrial sectors under enhanced regulatory frameworks.

“The Philippines is more than ready to do business with Italy and with Europe,” said Ambassador to Italy Nathaniel G. Imperial, citing Italy as home to the largest Filipino community in Europe.

The PED was co-organized by the Department of Finance and the Bangko Sentral ng Pilipinas, in collaboration with the ADB, the Philippine Embassy in Italy, the Philippine Consulate General in Milan, PTIC, and the Italian Chamber of Commerce in the Philippines.

The event was hosted and moderated by DBM Undersecretary Margaux Salcedo.

The Philippine delegation also held meetings with officials from Singapore’s Ministry of Finance, Italy’s Department of the Treasury, the French Treasury, the UK Government, and the ADB, including ADB President Masato Kanda.

Ahead of the PED, the DOF, Bureau of the Treasury, and Land Bank of the Philippines held a financial literacy seminar on May 4 for the Overseas Filipino community in Milan.