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Manila Bulletin devider Business devider Recto: PH to roll out 'red carpet' for US investors

Recto: PH to roll out 'red carpet' for US investors

Published Jan 22, 2024 07:58 am

At A Glance

  • The Department of Finance (DOF) said the Philippines is committed to welcoming US investors with a "red carpet" approach and fostering economic cooperation.<br>Finance Secretary Ralph G. Recto assured US officials of the nation's strong commitment to addressing investor concerns and highlighted economic liberalization laws.<br>Priority sectors for infrastructure investments include renewable energy, water, transportation, and railways.<br>The government is evaluating amendments to the Corporate Recovery and Tax Incentives for Enterprises Act (CREATE) to align with investor interests.<br>Both sides emphasized the potential for a mutually beneficial partnership, including the possibility of a free trade agreement (FTA) and enhancing security and military ties.<br>US officials expressed optimism about deepening their partnership with the Philippines and offered assistance in screening foreign direct investments (FDIs) for national security purposes.

The Department of Finance (DOF) said the Philippines is committed to providing a welcoming environment for potential investors from the United States, symbolically represented by the concept of rolling out a "red carpet."

In a statement, Finance Secretary Ralph G. Recto has assured US officials of the country’s strong commitment to roll out a welcoming “red carpet” to potential investors in the country as directed by President Marcos.

Recto met with US officials led by Treasury Department Deputy Assistant Secretary for Asia Robert Kaproth on Monday, Jan. 22, to discuss efforts to further strengthen ties and boost economic and investment cooperation between Manila and Washington.

During the meeting, Recto said Manila would act faster in addressing investor concerns as he laid out the country’s economic liberalization laws that would further facilitate ease of doing business in the country.

These laws include the amendments to the Retail Trade Liberalization Act (RTLA), the Foreign Investments Act (FIA), and the Public Service Act (PSA).

Recto also highlighted that the Philippines recently improved its public-private partnership (PPP) framework through the enactment of the PPP Code, which would open up massive investment opportunities in the infrastructure sector.

The Infrastructure Flagship Projects (IFPs) under President Marcos’ Build Better More infrastructure program consists of 198 projects with an indicative total investment requirement of P8.78 trillion ($157 billion).

Recto said that among the priority sectors for infrastructure investments include renewable energy, water, airports, seaports, roads, tollways, and railways.

He also said that the government is currently studying the amendments to the Corporate Recovery and Tax Incentives for Enterprises Act (CREATE) to improve the law and further tailor-fit the interests of investors in strategic investments.

Recto likewise assured the US that their partnership with the Philippines would be a two-way street and emphasized the importance of consistent dialogue.

He also broached the potential of having a free trade agreement (FTA) with the US and further enhancing security and military ties between the two nations.

In response, US officials welcomed these developments and expressed optimism about further deepening partnership with the Philippines, pointing out that the country's young, English-speaking population and strong macroeconomic fundamentals underscore its attractiveness as a viable investment destination.

The US likewise expressed interest in helping the Philippines establish an investment mechanism to help the country screen foreign direct investments (FDIs) for national security purposes.

Related Tags

Department of Finance (DOF) foreign direct investments (FDI) ralph recto Finance Secretary
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