The government met with several potential investors in Doha, Qatar to discuss the country’s economic policies and projects.

The Philippine economic team, led by Finance Secretary Benjamin E. Diokno held its first investor briefing in the Middle East with Philippine Dialogue: Economic Outlook and Opportunities on Sunday, Sept. 10.

“We believe that the Philippines’ moment has arrived. We look forward to jumpstarting the conversation today and exploring exciting investment opportunities with the Middle East business community in the coming years,” Diokno said during his keynote message.

Sandeep Uppai, president and chief executive officer of HSBC Philippines, said that he sees the country as key to their investments.

“Given the very dynamic nature of the Asian markets, while there are a number of markets to choose from, Philippines stands out for me due to three Gs: growing economy which, pre-pandemic, was growing at over 5 percent and is now back on that trend; growing population, which continues to grow from the current base of 115 million; and growing liberalization,” Uppal said.

The finance chief revealed that among the government’s 197 infrastructure flagship projects (IFPs), 39 will be undertaken through public-private partnerships (PPPs).

The government has approved four PPP proposals that will cost a total of P212.8 billion or around $3.8 billion, the DOF said in a statement.

Diokno also pointed out the Philippines’ corporate tax and fiscal incentives system, which was reformed through the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act.

He earlier said that the government, through the CREATE law, provided tax incentives to major projects amounting to a total committed investment capital of P721.3 billion

“The corporate tax reform law also provides for a 40-year tax incentive package for highly desirable projects or activities with a capital investment of at least 900 million US dollars, or those that can create at least 10,000 jobs. This is subject to the approval of the President,” he further said during his keynote message.

Maharlika Fund was also brought up in the discussion among potential investors which, according to Diokno, serves as an additional source and mode of financing for the priority projects of the government.

“The Fund aims to attract the participation of local and foreign capital, large global funds, global financial institutions, multilateral partners, and other sovereign wealth funds to make direct equity investments in Philippine ventures and projects,” he said.

Budget Secretary Amenah F. Pangandaman further revealed the government’s priorities for the 2024 budget which include shovel-ready infrastructure, human capital development, sustainable agriculture and food security, and climate change adaptation and mitigation.

On the other hand, National Economic and Development Authority Secretary Arsenio M. Balisacan highlighted opportunities for investments in the renewable energy sector, which would be pivotal to the country’s socioeconomic transformation.

Meanwhile, the economic team met with senior executives of Qatar Cool, a district cooling plant company in Qatar, to discuss their ongoing interest in setting up operations in the country.

The Maharlika Investment Fund was also presented in detail with executives from the Qatar Investment Authority, the country’s sovereign wealth fund established in 2005 for the protection and growth of its financial assets.

Qatar is the third-largest destination for overseas Filipino workers (OFWs) with over 200,000 Filipinos working and residing in the country.

In 2022, bilateral trade with Qatar amounted to over $599 million which is 166.92 percent higher than that of 2021, which was at $224 million.

While Philippine exports to Qatar in the same year amounted to $59.2 million. (Xander Dave G. Ceballos)