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Thursday, April 27, 2023

Marcos Administration's Top Economic Managers Invite U.S. Businesses to Invest in the Philippines

Ambassador Jose Manuel Romualdez delivers his opening remarks at the Philippine Economic Briefing (PEB) at the Fairmont Hotel Georgetown.

 – The Philippines, with its sustained economic growth, showcased its investment opportunities and economic reforms to the U.S. business sector at the Philippine Economic Briefing (PEB) held at the Fairmont Hotel Georgetown, Washington, D.C. last April 12. 

Co-organized by the Department of Finance, the Bangko Sentral ng Pilipinas, and the Embassy of the Philippines in Washington D.C., the event drew more than 150 participants from the business community – including those from the U.S. West Coast, think tanks, U.S. government agencies.

The Philippine economic team was led by Finance Secretary Benjamin Diokno and joined by joined by Budget Secretary Amenah Pangandaman, National Economic and Development Secretary Arsenio Balisacan, and Bangko Sentral ng Pilipinas Governor Felipe Medalla.

Philippine Ambassador to the United States Jose Manuel Romualdez delivered the opening remarks, underscoring that the Philippines is ready and open to engage the United States and the American business sector to increase trade and investments between the two countries. 

“Our security alliance with the U.S. is undoubtedly crucial, but ensuring economic security is equally critical to building a resilient and inclusive economy. By solidifying our alliance through more trade and investments, we can increase commerce, empower our people, and ensure a peaceful, secure, and prosperous region,” he said. 

He also shared President Ferdinand R. Marcos, Jr.’s commitment to bring the Philippines to upper middle-income status through the implementation of economic reforms and legislative measures that will create a more inclusive, open and progressive economy, allowing more participation of foreign investments.

Finance Secretary Benjamin Diokno leads the economic team at the PEB, joined by Budget Secretary Amenah Pangandaman, NEDA Secretary Arsenio Balisacan, and BSP Governor Felipe Medalla.

Finance Secretary Benjamin Diokno gave an overall picture of the current economic environment, starting with the country’s better-than-expected GDP growth of 7.6% in 2022. 

The Philippines’ sustained growth is attributed to the country’s firm macroeconomic fundamentals and continued improvement of its economic performance despite external headwinds. He outlined the Philippines’ economic strategy, which includes higher infrastructure spending that will ensure long-term and sustained growth. 

Budget Secretary Amenah Pangandaman outlined the Philippines’ budget priorities, which include the social services sector, agriculture and food security, infrastructure, ICT, climate change, local government support, and the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM).

Bangko Sentral ng Pilipinas Governor Felipe Medalla expressed confidence in the Philippines’ improving inflation and price stability, and the resilience of the banking and financial sector. He also underscored the improvements in the banking system that will expand participation of more Filipinos through digital systems. 

National Economic and Development Secretary Arsenio Balisacan highlighted the economic development programs, including the incentives, that will encourage investments in the country. These priority projects will ensure the sustained growth and translate to better lives for all Filipinos. 

Mr. Ndiame Diop, World Bank Country Director for the Philippines, Malaysia, Thailand, and Brunei, noted during his remarks the sustained economic growth of the Philippines for the past ten years, except during the pandemic, and how it managed to recover. He also underscored the importance of infrastructure spending in the Philippines and stressed that these measures will help transform the Philippine economy in the coming years.


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