New Zealand Prime Minister Luxon, who led the high-level NZ business contingent to the Philippines, actively participated in the said event and gave cognizance of the Philippines’ potential as an ideal investment destination for NZ businesses.
In his remarks, Prime Minister Luxon underscored New Zealand’s commitment to fostering international connections for mutual benefit. “Many of the topics we discussed align with our own interests. By establishing relationships, we learn more about each other, explore new opportunities, and achieve exceptional outcomes,” the Prime Minister said.
The session brought together business leaders from both New Zealand and the Philippines, facilitating the strengthening of ties and paving the way for more harmonious economic relations between the two countries.
Secretary Frederick D. Go, Special Assistant to the President for Investment and Economic Affairs, briefed Prime Minister Christopher Luxon and business delegates from New Zealand on the Philippines’ priority sectors: renewable energy, tourism, pharmaceuticals, semiconductor electronics, mining, the steel industry, and food.
“There has never been a better time to invest in the Philippines,” Secretary Go emphasized, highlighting the country’s demographic advantage and the implementation of new policies and strategic reforms such as the green lane for investments. These measures aim to create an environment where businesses can thrive.
Further he highlighted the administration’s dedication to promoting economic growth through collaboration with the private sector. “We are proactively implementing policies and programs that encourage greater private-sector participation. The President’s swift enactment of the Public-Private Partnership (PPP) Code is a resounding testament to our commitment to fostering strong collaboration with the private sector. It updates the 29-year-old Build Operate Transfer Law and revitalizes PPPs to foster transformative partnerships in infrastructure development,” Secretary Go added.
Trade Secretary Fred Pascual during his delivery of remarks, pitching the Philippines’ potential for investments
Secretary Frederick D. Go, Special Assistant to the President for Investment and
Economic Affairs, delivered his opening remarks.
Trade Secretary Fred Pascual, for his part, stressed the immense potential of the Philippines as both a thriving marketplace and a crucial strategic partner for New Zealand, sharing that robust frameworks like the Australia and New Zealand Free Trade Agreement (AANZFTA) and the Regional Comprehensive Economic Partnership Agreement (RCEP) pave the way for growth.
He added that the Philippines’ recent conclusion of the AANZFTA’s Second Protocol signifies our regional commitment to economic recovery and ensures these agreements remain relevant for businesses. This and together with the country’s skilled workforce, rich natural resources, strategic geographic location, and our enabling domestic reforms, the Philippines is indeed a prime investment location and an ideal gateway to the ASEAN region.
“I urge each member of the New Zealand delegation to pursue active participation in the Philippines’ growth and transformation. The Department of Trade and Industry stands ready to guide your business journey as you navigate the Philippine business landscape. Together, let us move forward with a spirit of collaboration and determination inspired by the boundless possibilities that our partnership holds,” Secretary Pascual said.
Further, Secretary Pascual invited the New Zealand business community to join the upcoming Indo-Pacific Business Forum (IBPF), which will be held in the Philippines on 21 May 2024. Co-hosted by the United States, the forum offers an unparalleled chance to experience firsthand the dynamism of the Philippine economy and explore lucrative opportunities for foreign investors.
Mr. Sabin M. Aboitiz, Strategic Lead Convenor of the Private Sector Advisory Council (PSAC), provided an overview of the state of the private sector in the Philippines. He lauded the unprecedented level of collaboration and partnership between the public and private sectors under President Marcos’s administration.
PSAC, consisting of 23 CEOs across six industries, committed to continuing its efforts to strengthen economic ties between the Philippines and New Zealand, further fostering mutual growth and cooperation.
The second half of the event featured a business matching session where representatives from Philippine companies and a business delegation from New Zealand engaged in discussions to elevate their partnerships in various sectors such as food and beverage, infrastructure and resources investments, technology, manufacturing, tourism, and education.
As of April, this year, approved investments from New Zealand have reached Php33.14 billion. A huge chunk of the investments came from the Information Technology and Business Process Management (IT-BPM) / Administrative & Support Services and Manufacturing sectors. The top Philippine commodity exports to New Zealand include bananas and plantains (fresh or dried) as well as electrical and electronic machinery. In contrast, the primary imports from New Zealand to the Philippines consist of dairy products such as other fats and oils derived from milk and various types of cheese.
In 2023, New Zealand was ranked as the Philippines’ 28th trading partner out of 230, with total trade amounting to US$495.37 million. Further, it also served as the Philippines’ 38th export destination and 24th import source.