Finance Secretary Ralph Recto, head of the Philippine delegation to the World Economic Forum (WEF), asked global investors to choose the Philippines and ensure their success through the recently-enacted Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act.
“CREATE MORE was designed to address your concerns and tailor fiscal and non-fiscal incentives to meet your specific needs. Simply put, CREATE MORE was carefully crafted to make more money for you and create more high-quality jobs for our people,” Recto said in his remarks at the Philippine Breakfast Interaction with Investors on Jan. 22, 2025 in Davos, Switzerland.
“Here’s our promise: The moment you step in [the Philippines], we will let you experience a home that nurtures your long-term growth and success,” he said.
The Philippine Breakfast Interaction at WEF convened close to 50 international public and private sector leaders for a briefing on the Philippine economy and its promising potential as the next big investment destination.
It was organized by the DOF and Ambassador and Permanent Representative of the Philippines to the World Trade Organization (WTO) Manuel Antonio Teehankee at the sidelines of the WEF Annual Meeting to secure more investments in high-impact industries that will help drive inclusive economic growth in the Philippines.
Recto was joined by House Speaker Ferdinand Martin Romualdez, Department of Trade and Industry (DTI) Secretary Ma. Cristina A. Roque and Teehankee during the event.
It was attended by global heads of international companies including Marcus Wallenberg, chairman of Skandinaviska Enskilda Banken; Philippe Amon, chairman and CEO of SICPA SA; Catarina Amon, CEO and founder of Classeek; Anthony Tan, CEO and co-founder of Grab; John Riady, Group CEO of Lippo Indonesia; Tony Fernandes, CEO of AirAsia; and Calvin Choi, CEO of AMTD.
Also present were Jay Collins, vice chairman of Citi; Helena Lersch, vice president of public policy of Tiktok; Amit Kalyani, vice-chairman and joint managing director of Kalyani Strategic Systems Limited; and Albert Chang, managing partner of Southeast Asia at McKinsey & Co., among others.
Representatives from HCLSoftware, ING, Glencore International, BHP, and Bitkub Capital Group Holdings also attended the briefing.
Recto also noted the Philippines’ robust domestic economy driven by e-commerce, making the country the fastest-growing digital economy in ASEAN in 2024, according to the latest e-Conomy SEA report.
He said to sustain this momentum, the government has been expanding its digital infrastructure beginning with the Philippine Digital Infrastructure Project, the National Broadband Program and the Common Tower Program to enhance digital connectivity nationwide—particularly in underserved areas.
Recto said the government also implemented regulations in the digital space to strengthen oversight of digital businesses, such as the Internet Transactions Act and the Value-added Tax on Non-resident Digital Services Act.
Recto also spotlighted the country’s competitive advantages such as its young and talented workforce with a median age of only 25 years old, making the Philippines an ideal demographic partner for the economy of the future.
According to HSBC, the Philippines’ working-age population is projected to grow by up to 15 percent between 2025 and 2035––the fastest pace in the region.
“We are continuously upskilling our workforce through our Artificial Intelligence Strategy Roadmap to harness their talents to fully power up your forward-looking industries. Because we are not just keeping pace with global trends — we are ready to lead them,” said Recto.
A report by Microsoft Philippines and LinkedIn’s 2024 Work Trend Index showed that the Philippines ranks among the leaders in AI adoption, with 86 percent of its knowledge workers utilizing AI in their daily tasks, surpassing the global average of 75 percent and the regional average of 83 percent.