House Speaker Martin Romualdez delivers a presentation before global business leaders during the breakfast interaction of the Philippine delegation to the 2025 World Economic Forum annual meeting Wednesday, Jan. 22, 2025. (PPAB)

House Speaker Martin Romualdez, the head of the Philippine delegation to this year's World Economic Forum (WEF), underscored on Wednesday, Jan. 22 (Switzerland time) the Philippines’ dedication to fostering a true-blue business-friendly climate through sustained legislative and regulatory reforms.

He gave the assurance in his remarks during the breakfast interaction of the Philippine delegation to the WEF with top business executives in Davos, Switzerland.

During the event, Department of Finance (DOF) Secretary Ralph Recto gave a presentation highlighting the standout performance of the Philippine economy, as marked by consistent and robust growth, along with ongoing initiatives to ensure such progress translates to more inclusive development. 

“I wish to emphasize that a key objective of our engagement is to seek the private sector’s counsel and listen to your concerns,” Romualdez, leader of the 300-plus strong Philippines House of Representatives, said.

“Our desire is to stimulate national development that will build durable partnerships and attract foreign investment, particularly through continued legislative and regulatory reform,” added the Leyte 1st district congressman.

He cited the CREATE MORE (Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy) law, signed by President Marcos in November last year, as part of the administration’s reform agenda. 

The Speaker explained that the CREATE MORE law was meant to accelerate investment momentum by offering enhanced tax incentives, streamlining the investment approval process, simplifying VAT rules, and providing targeted incentives for strategic investments. 

“The CREATE MORE law is a clear manifestation of a positive feedback loop, where the current administration has committed to significantly rationalize the investment framework and create a truly business-friendly investment climate,” Romualdez said. 

He said this initiative exemplifies the Philippines’ approach to economic policy—inclusive, adaptive, and anchored on strong collaboration between the government and the private sector.

Romualdez says that unlike other inward-looking economies, the Philippines is trying to advance a brand of nationalism that remains open and responsive to the global community.

The Speaker also showcased the Philippines’ robust economic trajectory, including a 5.5 percent gross domestic product (GDP) growth in 2023 and 5.8 percent growth for the first nine months of 2024—the second fastest in the Association of Southeast (ASEAN) region. 

Additionally, he noted that inflation has been successfully moderated to 3.2 percent in 2024, reflecting the government’s commitment to macroeconomic stability.

Romualdez also cited the establishment of the Maharlika Investment Corporation (MIC), the country’s first sovereign wealth fund. He called it a transformative step in catalyzing development and securing strategic investments in critical sectors such as energy security, digital infrastructure, agro-urbanism, and tourism infrastructure. 

“We are cognizant that we cannot go it alone, so for this reason, an important objective for the Fund’s future is to pursue co-investments with the private sector, including foreign investors,” he said.