THE Department of Finance (DOF) on Monday touted a P2-trillion yield in investment pledges in the Philippines from the economic managers’ various foreign tours and roadshows.
Finance Secretary Benjamin E. Diokno said the international dialogues and roadshows held by the country abroad are effective in increasing the Philippines’s “visibility in the international arena.”
This, Diokno noted, allows foreign investors to gain insights about the country’s economy and the national government’s policy environment.
“Personally engaging with top-level investors increases the Philippines’s visibility in the international arena, especially in untapped markets. Establishing bilateral economic relations is in line with the President’s call to form strategic alliances with the international community,” Diokno was quoted as saying in a news release.
The DOF enumerated the investment pledges that the country has received from the previous economic roadshows held by the current administration: P800 billion from Singapore and Indonesia, P708.2 billion in investment deals from Japan, and P229 billion from the United States of America.
The Philippines also got P157 billion in foreign investments from Germany, P293.1 million from the United Kingdom, as well as P3.8 billion in foreign investments and $600 million infrastructure investment pledges from Japan.
Diokno said the foreign economic trips must be sustained to “keep” global investors “updated on the Philippines’s priority areas and latest policy thrusts to improve the investment climate in the country.”
“International fund managers, investment houses, and fixed-income investors are particularly interested in knowing the Philippines’ credit story, growth outlook, and priority investment areas,” he said.
“We should take advantage of this time now that the pandemic is over. We will continue with these targeted economic missions and establish bilateral ties to support our agenda for prosperity for a future-proof and sustainable economy,” he added.
Diokno disclosed that Dubai-based funds have already expressed interest in investing in the Philippines through the Maharlika Investment Fund (MIF), the country’s first sovereign investment fund.
Diokno added that the foreign engagements also allow the economic managers to get real-time feedback about the economic policies of the national government.
“Investor roundtables in Japan and the Middle East, for example, prompted the timely review and adjustment of policies in response to private sector concerns on ease of doing business in the Philippines, including issues on value-added tax (VAT) exemptions and refund claims, fiscal incentives granted under the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act, and double taxation avoidance,” the DOF said.