FOR MONDAY 

Department of Trade and Industry (DTI) Secretary Cristina Roque emphasized the Philippines' commitment to innovating its trade financing and digital development during the 2025 World Economic Forum (WEF).

Speaking before the Innovative Trade Financing Forum, Roque said the Marcos administration is currently implementing programs that aimed to bridge the trade financing gap in the Philippines.

She said the government has been focusing on empowering small businesses to make them globally competitive.

The DTI chief said the Philippines is also actively fostering a dynamic financial system.

Case in point, she noted that the country is within arm’s reach of exiting from the “grey list” of the global anti-money laundering watchdog Financial Action Task Force (FATF).

The FATF considers the “grey list” as countries that are actively working with the organization to address strategic deficiencies in combating money laundering, terrorist financing, and proliferation financing.

As of January 2025, the Philippines shares the list with 23 other countries.

In October of last year, the country was recognized for implementing the required 18 action plans needed to exit the list.

Roque likewise mentioned the recent lifting of the moratorium on new digital banks. This directive gave the green light for a maximum of 10 digital banks to operate in the country.

“The Philippines' forward-looking strategies and dedication to inclusive digital transformation align with the Bagong Pilipinas goal of driving economic growth and innovation on the global stage,” she said.

The trade secretary further noted that the country is embracing technological advancements such as artificial intelligence (AI) and digital tools to hone its global supply chains, e-commerce, and services trade.

During the meeting, she highlighted the need for collaboration among policymakers, business leaders, technologists, and advocates to build an ecosystem that “empowers all segments of the business community”.

Meeting global firms

On the sidelines of the WEF in Davos, Switzerland, the DTI chief met with executives of the world’s leading companies to explore expansion opportunities in the Philippines.

In a statement, Roque said she has urged online fashion retailer Shein to consider going beyond retail and establish manufacturing operations in the country.

She cited Republic Act (RA) No. 12066 or the CREATE MORE Law, pointing out its attractive incentives for businesses looking to invest in the Philippines.

Under the law, these incentives include reduced corporate income tax rates, improved deductions to boost investor profitability, and streamlined value-added tax (VAT) procedures to lessen administrative burdens, among others.

“Opening a manufacturing facility in the Philippines would create numerous jobs for Filipinos, given Shein's significant presence both locally and globally,” the secretary said.

Roque also explored “transformative opportunities” with pharmaceutical and biotechnology company AstraZeneca, particularly in AI and digital health solutions.

The meeting also focused on expanding the company’s clinical trials in the Philippines, particularly about conducting portfolio trials, given the country’s diverse population and strong clinical expertise. 

“This initiative could help retain healthcare professionals and, if successful, transform the Philippine healthcare sector by increasing access to innovative medicines,” said Roque.

The trade secretary engaged in a dialogue with shipping and logistics giant A.P. Moller-Maersk to explore investment opportunities.

She said they discussed potential public-private partnerships in port development to enhance trade efficiency and economic growth, particularly in Visayas and Mindanao.

Cognizant, a global business process outsourcing (BPO) firm, told the DTI chief of its plans to further expand operations in the country. 

The company envisions to heighten its service offerings, as well as increase investments in AI-related projects.

Roque, for her part, said the government is committed to strengthening Cognizant’s presence in the country.