The Cabinet’s economic team will hold its first Philippine economic briefing in Canada middle of this month to attract more foreign direct investments.
The Bangko Sentral ng Pilipinas said in a statement Finance Secretary Benjamin Diokno, Budget Secretary Amenah Pangandaman, National Economic and Development Authority Secretary Arsenio Balisacan and newly-appointed Bangko Sentral ng Pilipinas Governor Eli Remolona would lead the delegation.
It said the Filipino officials would discuss in Toronto the Philippines’ investment climate and business prospects.
“Officials will share about the government’s spending priorities, fiscal and infrastructure programs, as well as recent reforms that further open the Philippine economy to 100 percent foreign ownership of public services and renewable energy,” the BSP said.
“Participants will gain insights into the latest updates on the Philippine economy, including discussions on growth prospects and inflation outlook,” it said, adding the event is “tailored for senior business leaders and investors seeking to explore the Philippines’ growth potential.”
The economic team also conducted an economic briefing in Singapore last month and urged the Singapore-based business community to invest in the Philippines and take part in the country’s high-growth momentum that is expected to continue in the coming years.
The economic team cited the compelling factors why foreign investors need to consider the Philippines as an ideal investment destination.
They mentioned the structural reforms implemented in previous and present administrations, strong macroeconomic fundamentals that remained solid even during the pandemic, strong external position, stable banking system, easing inflation rate, sustained remittances from overseas Filipino workers that is one of the drivers of robust consumer spending, improving labor markets and the young and talented Filipino workforce that could be the pillars of economic growth in the years to come.
Diokno said the opening up of some sectors for 100-percent foreign ownerships could be one of the reasons to entice investors.
Balisacan said the Philippine economy could even surpass its growth potential of around 6 percent annually. The GDP grew by a 46-year high of 7.6 percent in 2022, over the target range of 6.5 percent to 7.5 percent.
The government projected a growth of 6 percent to 7 percent this year, anchored on robust and strong domestic demand.
