The Department of Finance (DOF) has assured US investors that the Philippine government is employing the necessary policies and reforms to address ongoing risks to the economy.

During a series of meetings in Washington D.C., Finance Secretary Benjamin E. Diokno expressed the country’s readiness to welcome revenue-generating investment, and urged investors to do business in the Philippines.

At the Philippine Dialogue the US capital last Oct. 14, Diokno said the country’s prospects are bright, citing the nation’s high economic activity and rising investor confidence that ushered in rapid recovery and robust economic growth.

Diokno, however, noted that the country remains vigilant against the pandemic-induced socioeconomic scarring, unpredictable geopolitical tensions, and elevated inflation levels globally.

For this reason, he said that the continued timely implementation of government mitigating measures is crucial to weather the impact of persistent supply-side pressures on food and other commodity prices.

“The government has intensified measures to help increase the domestic supply by ramping up local production, ensuring timely importation of goods, fertilizers, and raw materials, and improving distribution efficiency,” Diokno said.

Meanwhile, Diokno also spoke at the Standard Chartered Bank Sovereign Investor Forum where he urged US investors to bring their capital into the country, especially in the fields of telecommunications, airports, toll roads, and shipping.

During the forum, Diokno detailed the structural reforms that would attract beneficial foreign investments and create high-value jobs in the country.

These include the Corporate Recovery and Tax Incentives for Enterprises Act and amendments to the Public Service Act, Retail Trade Liberalization Act, and Foreign Investments Act that have paved the way for the Philippines to be a strong competitor in the region.

In addition, Diokno briefed investors on the Philippines’ economic outlook and fiscal policies, including the country’s first-ever Medium-Term Fiscal Framework.

“The Framework promotes transparency and credible commitment to pursue our socioeconomic goals while ensuring that the fiscal deficit will return to pre-pandemic levels and the debt ratios to more sustainable levels,” Diokno said.

“Overall, the Medium-Term Fiscal Framework aims to promote sustainable long-term growth and sound fiscal management,” he added.

Furthermore, investors can now look forward to a fair, objective, and evidence-based assessment of their projects as they apply for fiscal incentives in the Philippines under the Fiscal Incentives Review Board, the finance chief said.