Trade and Industry (DTI) Secretary Alfredo E. Pascual reiterated the Philippines' competitive advantages as an investment destination during an economic briefing hosted by a private foreign bank.

Speaking in a recent HSBC Philippines' 2023 Flagship Event this week, he underscored the country's dynamic young workforce, expanding domestic market, and economically competitive labor, among others, as to why the Philippines remains an attractive investment.  

“The Philippines stands at the nexus of opportunity and innovation in Southeast Asia. Our defining strengths — a dynamic young workforce, an expanding domestic market, and economically competitive labor — set the stage for unprecedented growth,” he said.

“Moreover, our rich endowment of renewable energy sources and mineral reserves positions us as a linchpin in transitioning to sustainable technologies,” Pascual added.

At the event, the DTI chief presented the initiatives undertaken by the Marcos administration to create a conducive business environment for investments.

He also highlighted the remarkable economic performance of the country with an impressive 7.6 percent GDP growth rate in 2022.  

Pascual urged companies to keep investing in the government's strategic priority sectors as it seeks to achieve robust economic growth and expansion and to create high-quality, well-paying jobs for Filipinos.

He also shared legislative bills in the pipeline which are expected to further assist the country’s economic and sustainable transformation.

These include the Internet Transactions Act, Leyte Ecological Industrial Zone Authority (LEIZA), Intellectual Property Code Amendments, Bamboo Industry Development, Salt Industry Development, and Omnibus Code for Micro, Small and Medium Enterprises.

Similarly, Pascual reported investments of industry giants through the Make It Happen Campaign, demonstrating the success of the government’s investment promotional efforts.

These include SpaceX of the United States, poised to revolutionize satellite internet infrastructure; Dyson of Singapore, focusing on cutting-edge R&D; Daesang Corporation of South Korea, expanding agro-processing capacities; and retail titan Nitori of Japan, expanding our vibrant domestic market.

Pascual also stressed the government’s commitment to addressing industry concerns to ensure a strong public and private partnership, swiftly citing adopted policies, such as the clarified guidelines for VAT zero-rating on purchases of existing registered logistic services inside economic zones, promoting a more favorable tax environment.

Further, he underscored the government’s pursuit of strategic partnerships through Free Trade Agreements (FTAs) and Generalized System of Preference (GSP) allowing the country’s preferential market access.

The HSBC Philippines’ 2023 Flagship Event provided an avenue for thought leadership, exchanging insights and ideas on the growing economic opportunities in the Philippines amid challenges posed by the current economic environment. 

With the theme of “On Fertile Ground – Offering A World of Opportunity in the Philippines,” the event gathered the country’s top government officials and business leaders to discuss the country’s economic potential that needs to be showcased on the global scene.  

Highlighting the government’s vision of a future filled with investments, Pascual stressed that “the Philippines is at the turning point of a transformative journey.”

“As we champion economic inclusivity and propel ourselves forward, we are inviting investments and molding the Philippines into the prime investment destination. Let us come together, dream bigger, and lay the foundations for a future as promising as our potential suggests,” he added. (Ma. Joselie C. Garcia)