Foreign investors should consider doing business in the Philippines as the government has been taking a proactive approach to improving the economy despite external risks, the National Economic and Development Authority (NEDA) said.

During the Philippine Investors Dialogue in Washington D.C., NEDA Secretary Arsenio M. Balisacan told potential investors that the country is optimistic about seeking out investment and trade opportunities despite geopolitical tensions and global economic slowdown.

“We have undertaken several transformative initiatives to substantially improve the investment climate. These reforms and initiatives clarify ambiguities in the rules, expand markets for our local industries, streamline government processes, and promote more competition,” he said.

“Through the President’s policy issuances, we have underscored the government’s strong commitment to promote the ease of doing business,” he added.

The government’s $161.7 billion or P9.14 trillion infrastructure flagship projects and the construction of 3.3 million housing units under the housing program are expected to give a significant boost to growth and job creation among Filipinos, the NEDA chief stated.

“We have laid the groundwork for major projects and programs. We expect to see more of these projects becoming operational this year onwards, improving connectivity and supporting growth and resilience,” he said.

The country's growth moved at a faster pace last year to 5.6 percent, outpacing major economies in Asia, such as China (5.2 percent), Vietnam (5.0 percent), and Malaysia (3.8 percent).

For this year, the country is expected to expand its positive growth rate to 5.9 percent this year until 2026, according to the World Bank.

For the Marcos administration's part, it is targeting to attain the target band of 6.0 percent to 7.0 percent growth rate this year, a slower pace compared to the previous projection of 6.5 percent to 7.5 percent.

Balisacan also noted the increasing share of the working-age population, which he said will have a rise in demand over the next decades.

“All of these initiatives will support and spur our numerous growth drivers—in construction and infrastructure, agriculture, manufacturing, mining, retail and tourism, education and health, IT, and creatives—as we go through this exciting stage in our nation’s development,” he said.