MANILA – The Philippines’ current administration’s economic agenda focusing on infrastructure development, human capital enhancement, digital transformation, and sustainable practices is what will attract foreign investors, particularly U.S businesses to set up shop in the country.
This is after Department of Trade and Industry (DTI) Secretary Alfredo Pascual shared the country’s commitment to fostering a “business-friendly environment and strategic pivot towards an investment-driven economy” during the recently concluded U.S.-ASEAN Business Council (US-ABC) held in Pasay City.
According to Secretary Pascual, “Under the administration of President Ferdinand Marcos Jr., our agenda for economic growth is ambitious and multifaceted, encompassing initiatives aimed at infrastructure development, human capital enhancement, digital transformation, and sustainable practices. We see the United States private sector's expertise, resources, and innovative spirit as invaluable assets that can significantly contribute to advancing these objectives.”
During the meeting, the DTI chief also outlined the country’s key initiatives to enhance the country’s investment appeal, including (1) significant investments being made in roads, harbours, and other critical infrastructure, with opportunities for foreign investors through public-private partnerships; (2) 100% foreign ownership in renewable energy projects; (3) recent reforms in key sectors like airports and telecommunications; (4) free trade agreements to expand market access; and (5) series of legislative and regulatory to create a more open and attractive investment climate.
Pascual also mentioned the government’s flagship campaign “Make It Happen in the Philippines”, paving the way for major investments from companies like SpaceX, Dyson, Daesang Corporation, and Nitori, demonstrating the Philippines’ robust capabilities and its competitive advantage in the region.
In photo: DTI Secretary Fred Pascual with the US-ABC delegation during the 2024 Philippine Business Mission (Photo and caption courtesy of DTI)
During the meeting, U.S. companies presented their existing and potential investment plans, signifying their interest in the areas of digital transformation, sustainable development, supply chain resiliency, and micro, small and medium enterprise empowerment, DTI stated.
DTI added that some U.S. companies also took the opportunity to seek assistance in addressing various concerns and that Secretary Pascual gave assurances that the Department will work with other concerned agencies to address such challenges.
The meeting with the US-ABC members is part of the annual Philippine Business Mission of the US in the country. During the mission, senior representatives from the Council’s member companies travel to the Philippines to engage with priority stakeholders and reinforce the importance of US-Philippines business relations, the DTI said in a statement.
With the 2024 mission theme of “Promoting Economic Expansion Through Collaborative and Sustainable Partnerships,” the Council discussed with government officials to understand key priorities, highlight how the US private sector can support the administration’s agenda, and significantly forge sustainable and transformational partnerships for economic growth, the DTI stated.
