Rapid growth, expansion to make PH as Asia’s ‘next economic powerhouse’

As a result of the Philippine government’s strict implementation of tough reforms and record investments in infrastructure and human capital development, the ongoing robust economy sustained by rapid expansion brings the country to a promising position to become Asia’s next economic powerhouse.

Speaking before members of the United States Chamber of Commerce (USCC) in a recent bilateral conference in Washington, DC, USA, Finance Secretary Carlos Dominguez III told leaders of the American business community that now is the “best time” for them to invest more in the Philippines so they could maximize the benefits of participating in the county’s robust economy.

Dominguez said American companies could participate in new opportunities in the Philippines, in the sectors of energy, infrastructure, information and communications, technology, health, and education to further strengthen the bilateral ties between Philippines and the United States.

“Our prospects for faster economic growth in the coming years should be an avenue for stronger collaboration with the US, especially with the private sector,” Dominguez said.

“We would like to encourage US businesses to be more engaged in the Philippine market not only in the infrastructure program but also in investments that would come as a result of our infrastructure development,” Dominguez said.

To further build investor confidence, Dominguez said the Duterte administration is currently undertaking efforts to address government inefficiency, the infrastructure gap, corruption of government officials, and the high cost of doing business.

The signing into law of the Ease of Doing Business (EODB) Act and the administration’s push for the swift congressional approval of the Tax Reform for Attracting Better and Higher Quality Opportunities (TRABAHO) Bill are among the measures being undertaken by the Duterte administration to further enhance the Philippines’ status as a premier investment destination in the region.

The TRABAHO Bill aims to lower the corporate income tax (CIT) rate and rationalize fiscal incentives to make them performance-based, time-bound, targeted and fully transparent.

Dominguez reassured USCC members that as far as the TRABAHO bill is concerned, the government will not remove fiscal incentives but would even improve on these investment perks.

“The Philippines is invigorated and moving forward very quickly” to become Asia’s next economic powerhouse, Dominguez said.