Finance Secretary Carlos G. Dominguez III pitched before American investors Thursday night (Manila time), Feb. 24, the Philippines as a growth leader in the region and a reliable host for international partnerships.

At a briefing for American business leaders and policy makers, Dominguez said the fresh set of economic liberalization measures either being carried out or about to be implemented by the Philippines have opened up several business opportunities.

“Now is the best time to do business in the Philippines,” Dominguez said. “This year, we are well on our way to returning to normal with the Philippine economy expected to expand further between seven and nine percent.”

“Our economy is recovering rapidly. In the last quarter of 2021, our GDP (gross domestic product) grew by 7.7 percent, making the country’s expansion the highest in the ASEAN region and among our credit rating peers globally,” the finance chief said.

Dominguez also cited that the recent enactment of three economic bills, which complete the set of economic reform initiatives of the Duterte administration, will make the Philippines’ a premier investment destination in the region.

These three measures include the amendatory bill to the Retail Trade Liberalization Act (RTLA), the Congress-approved amendments to the Public Service Act (PSA) and Foreign Investments Act (FIA) that will soon be signed into law by President Duterte.

“These three forward-looking measures widen the horizon for investments. They create numerous opportunities for synergy between local and international firms,” Dominguez said.

“There is now enough space for international firms to form joint ventures with Filipino companies, especially those at the cutting edge of information technologies,” he added.

With the Philippines also committing to reduce its greenhouse gas emissions by 75 percent by 2030, Dominguez said he also expects a sharp rise in green investments in the country in the years ahead.

Dominguez urged American investors to establish or expand their retail trade operations in the Philippines, now that the new RTLA has already lowered the minimum paid-up capital requirement for foreign corporations from $2.5 million to about US$500,000.

Foreign retailers who want to open more than one physical store can now expand through a lower minimum investment of $200,000 per store, compared to the previous requirement of $830,000 per store.

The law likewise simplified the qualification requirements of foreign retailers by removing the required net worth, the number of retailing branches, and retailing track record conditions.

Dominguez said that experienced and strategic investors from the United States can bring in their capital to the Philippines to invest in the fields of telecommunications, media and private transportation vehicles once the PSA is enacted.

Under the amended PSA, public services will be open to 100-percent foreign ownership, while retaining public utilities as majority owned by Filipinos, subject to the 60-40 ownership rule under the Constitution.

“I invite you to look closely at the Philippine economy in the light of the pro-business policies instituted over the last five and a half years. The Philippines is a growth leader in the region and a reliable host for international partnerships,” Dominguez said.