Gov’t streamlines private sector participation processes to encourage investments

The Marcos administration has streamlined private sector participation processes to encourage more investments in the country through the passage of structural reforms and amendments to Philippine investment laws.

“We have amended our investment laws to widen the space for international firms to invest in previously protected sectors,” said Finance Secretary Benjamin E. Diokno during The Asset: 17th Philippine Summit at the Grand Hyatt Manila, Bonifacio Global City, Taguig on October 24, 2022.

“[R]ecently, we amended the rules on the Build-Operate-Transfer [BOT] Law to make the participation of the private sector more attractive,” he said as he expressed his intent for more massive public-private projects.

Secretary Diokno cited improvements in the country’s foreign direct investment (FDI) inflows, saying “we reached all-time high [foreign direct investment] inflows of 12.4 billion US dollars in 2021. From January to July of this year, FDI inflows reached 5.1 billion US dollars.”

Furthermore, labor market conditions and revenue performance have also improved as a result of sound fiscal policies.

The Corporate Recovery and Tax Incentives for Enterprises (CREATE) Law, and the amendments to the Public Service Act, Retail Trade Liberalization Act, and Foreign Investments Act will continue to be brought to effective use for the government’s goal of securing domestic and foreign investments and creating high-value jobs in the long run.