The British Chamber of Commerce Philippines (BCCP) launched its annual mid-year briefing titled, “Beyond the Halfway Point: Economic Strategies for Continued Success” on 23 July 2024, a day after President Ferdinand Marcos Jr. delivered his 3rd State of the Nation Address, reporting the recent developments of the country’s economy, food security, ease of doing business, infrastructure developments, among others.
The event is sponsored by SGV & Co. and the Development Bank of the Philippines (DBP) along with key speakers, panelists, and moderator including: National Economic and Development Authority Undersecretary for Investment Programming Joseph Capuno, Public-Private Partnership Center of the Philippines Undersecretary and Executive Director Ma. Cynthia Hernandez, Department of Finance Assistant Secretary Neil Adrian S. Cabiles, Stratbase Group Chief Operating Officer Rupert Paul C. Manhit, and SGV & Co. Aaron Escartin.
The discussion was led by Asec. Cabiles with a keynote presentation focused on the government’s economic plans and policy developments. He noted the administration’s efforts on infrastructure development through the Build, Better More Program, public-private partnership, and further improving the country’s digital infrastructure. He further emphasized that, “Moving forward, the current administration firmly believes that a robust infrastructure is the backbone to a thriving economy… A promising program to organize and expand our infrastructure can induce investment opportunities in the country with a vision to create a seamless and efficient environment for businesses…”
On a similar note, the keynote presentation by Manhit cited key reforms to drive the country towards being an investment destination in the region, including the Retail Trade Liberalization Act amendments, Public-Private Partnership Code, and Public Service Act among others. He also noted the positioning strategy of the Philippines as a regional hub for smart and sustainable manufacturing and services–with the country’s large and talented workforce, natural resources, and its strategic location.
During the panel discussion, Usec. Capuno delved into the economic challenges such as inflation and food security while highlighting the current opportunities in boosting investments in the agriculture sector to increase productivity and competitiveness, citing the recently signed Executive Order No. 62–mandating the extension of lowered tariffs for agricultural commodities until 2028.
Usec. Hernandez also cited the importance of infrastructure development through the public-private partnership which has garnered an uptick of 53 unsolicited proposals for the half of the year with 9 PPP projects being recently added in the pipeline, reaching a value of PPP list by PHP65 billion as of July 2024. She further noted that the PPP Center remains at the forefront of ensuring streamlined approval processes, unified legal frameworks, and clearer rules and timelines under the PPP Code.
The British Chamber remains committed to working closely with the government and the private sector to support various initiatives and programs directed to further increasing the country’s potential as a prime investment destination in the region for British companies and the overall foreign investors.