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Friday, May 31, 2024

Speaker predicts US investments flowing into PH

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SPEAKER Ferdinand Martin Romualdez on Monday expressed confidence in an imminent influx of American investments into the Philippines following the highly successful Philippine Dialogue in Washington D.C. to pitch the country as an attractive investment hub.

During the dialogue, Finance Secretary Ralph Recto showcased before American investors the visionary leadership of President Ferdinand Marcos, Jr. and his administration’s sound fiscal and economic policies, along with a slew of pro-business reforms that effectively rolled out the red carpet for both foreign and domestic investors.

Romualdez and Philippine Ambassador to the United States Jose Manuel Romualdez were among the guests during the event which drew around 90 executives from US-based funds and corporations, multilateral institutions, and the public sector.

“The Philippine Dialogue marked a significant milestone in our efforts to foster robust economic partnerships with the United States,” the Speaker said.

He noted that during the event, several American investors with ongoing investments in the Philippines came forward to express their desire to expand their operations in the country and gave support to the government’s plans to further improve the ease of doing business in the Philippines.

“The enthusiastic response from American investors who recognize the immense potential and opportunities that the Philippines has to offer is a strong indication that our country is poised to attract substantial investments from US corporations seeking lucrative opportunities abroad,” Romualdez said.

“The Philippines’ steadfast adherence to fiscal discipline and prudent debt management has garnered international acclaim, bolstering investor confidence and positioning the nation as a beacon of stability and growth in the Asia-Pacific region,” he pointed out.

He cited the comment during the event of HSBC Public Sector Banking chairman of the Global Banking and Markets Michael Ellam who recognized the Philippines’ comprehensive and decisive reform agenda, which has made it resilient despite global headwinds.

Likewise, Romualdez said these policies were enhanced by the competitive advantage offered by the country’s young, tech-savvy, and English-speaking workforce.

Romualdez also underscored the recent historic trilateral meeting between President Marcos, US President Joe Biden, and Japan Prime Minister Fumio Kishida as a testament to the Philippines’ growing importance on the global stage.

“This landmark gathering reaffirmed the strong bonds of friendship and cooperation between the Philippines, the United States, and Japan, laying the groundwork for enhanced collaboration in various strategic areas, including trade, investment, and security,” he said.

Romualdez underscored the strong commitment of the House of Representatives to support the realization of President Marcos’ vision for the Philippines to achieve upper middle-income economy status by 2025.

“As we continue to chart a path towards sustainable economic development and prosperity, the House remains steadfast in our support for President Marcos, Jr. and his initiatives to foster closer ties with the United States and other key allies, driving forward the agenda of inclusive growth and shared prosperity for all,” Romualdez said.

Editor’s Note: This is an updated article. Originally posted with the headline Fresh investments from US coming to PH soon–Romualdez

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