Representatives of the Philippine government held discussions with South Korea to enhance business pursuits in trade, investments, tax policies, administration, customs, and licensing.
Finance Secretary Benjamin E. Diokno highlighted the Philippines' improvements in investment during the Korea-Philippines Forum on the Ease of Doing Business.
The Philippines aims for economic liberalization by opening up to the world in terms of trade, taxation, regulations, and financial aspects.
Revisions were made to the Retail Trade Liberalization Act, Foreign Investments Act, and Public Service Act to attract more foreign direct investments.
The Philippines plans to allow full foreign ownership of renewable energy ventures.
Tax incentives are available under the Corporate Recovery and Tax Incentives for Enterprises (CREATE) for priority investments.
The recently approved Public-Private Partnership (PPP) Code aims to upgrade infrastructure project regulations and procedures.
Executive Order (EO) 18 establishes green lanes to streamline government processes and boost the ease of doing business.
The Philippines seeks to position itself as a premier investment destination in the region.
PH seeks S. Korean investors to drive economic liberalization
At a glance
Representatives of the Philippine government discussed with South Korea on ways to enhance the country’s business pursuit, specifically in trade, investments, tax policies and administration, customs, and licensing.
Finance Secretary Benjamin E. Diokno shared Manila’s improvement on the investment side during the first Korea-Philippines Forum on the Ease of Doing Business.
On Friday, Oct. 6, Diokno told the Korean business community about the Philippines’ strategies for economic liberalization measures.
In order for the country to be economically liberated, the Philippines must open itself up to the rest of the world in regard to trade, taxation, regulations, and other concerns in the financial aspect of local businesses and industries.
“In recent years, we actively pursued game-changing measures to promote the participation of international players in the Philippines’ economic transformation journey,” said Diokno.
The finance chief also gave an in-depth review of the modifications in the Retail Trade Liberalization Act, Foreign Investments Act, and Public Service Act.
The goal of the Public Service Act is to appeal to more foreign direct investments.
Moreover, the government planned to put renewable energy to full foreign ownership.
“We are also working aggressively towards easing regulatory burdens and enhancing transparency to create a more attractive business environment for both local and foreign investors,” Diokno explained.
He also informed Korean investors that businesses that tackle priority investments can avail of tax inducements under the Corporate Recovery and Tax Incentives for Enterprises (CREATE).
This provides a 40-year tax incentive package for highly desirable projects or even activities with an investment capital of at least P50 billion, or $883 million.
“As we pursue more investment- and business-friendly policies, we intend to continue taking bold steps to elevate the Philippines’ status as a premier investment destination in the region,” he added.
Meanwhile, the Public-Private Partnership (PPP) Code has been recently approved in the Congress.
Once authorized, the PPP Code will upgrade the existing Build-Operate-Transfer (BOT) Law and simplify the regulations and procedures on infrastructure projects so that Public-Private partnerships would be strongly established and stable.
President Marcos Jr. released the Executive Order (EO) 18.
The EO is made to establish green lanes to boost the ease of doing business in the country. This would be done through expediting, streamlining, and automating government processes across all agency offices for any or possible investments.
The establishment of the EO would also be under the Strategic Investment Priority Plan (SIPP). (Gabriell Christel Galang)