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Manila Bulletin devider Business devider Diokno pitches PH investment opportunities to Luxembourg funds

Diokno pitches PH investment opportunities to Luxembourg funds

Published Oct 25, 2023 08:05 am

At A Glance

  • Finance Secretary Benjamin E. Diokno showcases the country's economic performance at the Business Forum and Networking Lunch hosted by the Luxembourg Stock Exchange.<br>The Philippines' gross domestic product (GDP) growth of 7.6 percent last year is the strongest in over four decades, surpassing pre-pandemic levels.<br>International financial institutions like AMRO and the World Bank expect the Philippines to have the fastest growth in the region.<br>Major international credit rating agencies affirm the Philippines' creditworthiness and macroeconomic fundamentals.<br>Diokno introduces the government's public-private partnership policy, Green Economy Programme, and Maharlika Investment Fund.<br>The visit is seen as an opportunity to strengthen ties between the Philippines and Luxembourg.

President Marcos’ chief economic manager has pitched investment opportunities in the Philippines to leaders of Luxembourg-based funds and business groups.

During the Business Forum and Networking Lunch hosted by the Luxembourg Stock Exchange (LuxSE), Finance Secretary Benjamin E. Diokno showcased the country’s economic performance.

Diokno cited the country’s economy, as measured by the gross domestic product (GDP), posted the strongest full-year growth in over four decades at 7.6 percent last year, higher than the pre-pandemic output level.

The performance was even recognized by international financial institutions— the ASEAN+3 Macroeconomic Research Office (AMRO) expects the country to post the fastest growth in the region both at 5.9 percent this year and 6.5 percent next year.

The World Bank Group also expects the country outpacing its East Asia and the Pacific peers at 5.6 percent

“Meanwhile, major international credit rating agencies have continued to affirm the Philippines’ creditworthiness and sound macroeconomic fundamentals,” Diokno said.

The finance chief also introduced the government’s public-private partnership policy, Green Economy Programme in the Philippines, and the Maharlika Investment Fund.

Alain Kinsch, honorary consul general of the Philippines to Luxembourg and president of the LuxSE, said that the finance secretary’s visit is a prime moment to forge stronger ties between the two countries.

“The Luxembourg financial centre has a lot to offer to both Philippine and Luxembourg market participants. The Philippines has seen strong economic growth in recent years and is open to international cooperation,” Kinsch said.

“This is a great opportunity also for international investors to access sectors such as, for example, renewable energy, airports or telecommunication in the Philippines,” he added.

Despite the limited economic ties between the two countries, the Philippines’ US Dollar- and Euro-denominated Global Bonds are listed in the LuxSE, with the earliest listing dating back to 1992.

“With its sovereign sustainable bond issuances, the Philippines has helped pave the way for sustainable finance in Southeast Asia, and our role is to promote these sustainable investment opportunities to the international investor community,” said Julie Becker, chief executive officer of LuxSE.

Following the Philippines’ establishment of the Sustainability Finance Framework in 2022, the country has since issued three sustainability bonds listed in LuxSE categorized under the Luxembourg Green Exchange (LGX) amounting to a total of $3 billion.

The Luxembourg visit was held on the sidelines of the Global Gateway Forum hosted by European Union Commission President Ursula von der Leyen in Brussels, Belgium on October 25 to 26, 2023.

The two-day forum will cover issues relating to infrastructure, digital connectivity, energy, and sustainable development with global leaders.

Related Tags

Maharlika Investment fund luxembourg public-private partnership Department of Finance Benjamin E. Diokno
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