Photo File From THEPHILBIZNEWS
The Philippine government officials are bullish about the fresh investments coming from the United Kingdom (UK) in support to the country’s infrastructure buildup program or the “Build, Build, Build” (BBB).
According to the Department of Finance Secretary Carlos Dominguez III during the Philippine Economic Briefing (PEB) in London, he expressed confidence that the economic partnership with the UK, Philippines’ top 10 leading sources of foreign direct investments (FDI)would grow in the years ahead.
Dominguez also noted that the British economy has been a reliable partner even when the Philippines was going through difficult challenges in the past.
“We are confident this partnership will grow even more as our economy emerges to take its place among the dynamic economies in a dynamic region,”the Finance Chief said in his speech at the Philippine Economic Briefing held at the Four Seasons Hotel.
Dominguez expressed confidence that more investments from the UK would enter the Philippines in the coming years, “especially in the sunrise sectors of our economy”.
“These are the exciting times for our economic development. We invite you to participate in building a strong and resilient economy,” he added.
Among those present at the event were British Ambassador to the Philippines Daniel Pruce, Philippine Ambassador to the UK Antonio Lagdameo, and top executives of Standard Chartered, UBS, Bank of China, J.P. Morgan, Citibank, Credit Suisse and Goldman Sachs. Members of the UK-Asean Business Council and of the Philippine business sector were also in attendance.
The PEB is the key event in the three-day mission in UK with President Rodrigo Duterte’s Cabinet delegation led by Dominguez to brief British investors on the vast business opportunities in the Philippines’ infrastructure, energy and tourism sectors and to explore ways to expand economic cooperation between Manila and London.
Dominguez brandish also the improvements in the ease of doing business (EODB) along with other initiatives like the comprehensive tax reform program (CTRP) and an unprecedented infrastructure buildup–dubbed “Build, Build, Build”–has deepened investor confidence in the Philippines on the watch of President Duterte, leading to a 42.4 percent surge in net FDIs to $5.8 billion in the first half of 2018.
“This reflects stronger investor confidence in the Duterte administration’s decisiveness in pushing ahead with the economic reform agenda. This also dispels concerns that our tax reform is scaring away investors,” Dominguez said.
There were around 250 participants attended the PEB, which carried the theme “Strengthening Economic Resilience and Spurring Infrastructure Development for Inclusive Growth.”
The PEB was led by Dominguez, along with Budget Secretary Benjamin E. Diokno, Socioeconomic Planning Secretary Ernesto M. Pernia, Bangko Sentral ng Pilipinas Deputy Governor Diwa C. Guinigundo, Transportation Secretary Arthur P. Tugade, Public Works and Highways Secretary Mark A. Villar, and Bases Conversion and Development Authority President and CEO Vivencio B. Dizon.
Both Trade and Industry Secretary Ramon Lopez and Tourism Secretary Bernadette Romulo Puyat joined the team in a series of meetings and round table discussions with British firms and companies.
The Department of Finance is bullish on the new infra-tied investments flowing in from the UK although there was no definite timelines that was given on the said investment.