NEDA touts Philippines as ideal investment destination

MANILA, Philippines —  The National Economic and Development Authority (NEDA) is urging investors to consider the Philippines for their expansion plans, given reforms to improve the country’s investment climate and available opportunities.

During the Philippine Investors Dialogue held in Washington DC on April 17, NEDA Secretary Arsenio Balisacan talked about the compelling reasons why investors should pick the Philippines as a location for their expansion.

Despite various external risks, including, among others, the global economic slowdown, geopolitical tensions, and election-related uncertainty in major economies, Balisacan attributed the Philippine government’s optimism to its proactive approach in seeking out investment and trade opportunities as well as its swift implementation of projects crucial to the country’s socioeconomic transformation.

“These reforms and initiatives clarify ambiguities in the rules, expand markets for our local industries, streamline government processes and promote more competition. Through the President’s policy issuances, we have underscored the government’s strong commitment to promote the ease of doing business,” Balisacan said.

The government also expects growth and job creation to be supported by the accelerated rollout of the government’s infrastructure flagship projects and housing program.

The projects under the government’s infrastructure flagship program have a total value of about $161.7 billion or P9.14 trillion while the  housing program aims to build about 3.3 million units by 2028.

“We have laid the groundwork for major projects and programs. We expect to see more of these projects becoming operational this year onwards, improving connectivity and supporting growth and resilience,” Balisacan said.

He also said investors can expect demand in the country to rise over the next few decades given the increasing share of the working-age population.

For the economy to gain from this demographic dividend, Balisacan said the government is working on the fundamentals of education, health and social protection systems.

“All of these initiatives will support and spur our numerous growth drivers in construction and infrastructure, agriculture, manufacturing, mining, retail and tourism, education and health and creative as we go through this exciting stage in our nation’s development,” he said.

Held on the sidelines of the World Bank Group-International Monetary Fund Spring Meetings from April 15 to 19, the Philippine Investors Dialogue was attended by various business officials from the US.

Also present during the event were Finance Secretary Ralph Recto, Budget Secretary Amenah Pangandaman and Bangko Sentral ng Pilipinas Deputy Governor Francisco Dakila Jr.