(Photos courtesy of Department of Finance)
QUEZON CITY (PIA) -- Finance Secretary and Chairman of the Economic Development Cluster Benjamin Diokno showcased the Philippines’ solid macroeconomic fundamentals and ‘bright economic future’ before American and international business communities at the Philippine Economic Briefing (PEB) in New York City, United States of America (USA) on Sept. 22, 2022.
“As we pursue the economic transformation of the Philippines in the next six years, the Marcos administration is determined to explore new frontiers with investors from the US and the rest of the world. This is why we believe that this is the best time to do business in the Philippines,” said Finance Secretary Benjamin Diokno in his keynote speech for the panel discussion on the Philippines’ economic performance and outlook.
The PEB was part of President Ferdinand “Bongbong” Marcos, Jr.'s six-day working visit to the US in a bid to drum up foreign investments in the Philippines.
With a total trade of USD 108.7 billion from 2016 to 2021, the US ranks as the Philippines’ third largest trading partner and fourth top source of foreign direct investments (FDIs) at USD 1.35 billion total FDIs over the same period.
It is also the Philippines’ biggest source of overseas Filipino remittances, with over 4 million Filipinos living and working in the US.
Secretary Diokno briefed potential foreign investors on the Philippines’ strong economic performance and brightening outlook and expounded on the government’s efforts to push the Philippines towards broad-based and sustainable growth over the next six years.
He presented significant developments in the country’s fiscal sector, including the recent enactment of economic liberalization measures that will further widen the space for joint ventures and foreign participation in strategic industries, making the Philippines a premier investment destination in the region.
In the meantime, he said that the Marcos administration remains vigilant and ready to respond to global economic headwinds and pressing issues brought about by the pandemic and the ongoing Russia-Ukraine Conflict.
Both near-term and medium-term priorities are comprehensively outlined in the government’s 8-Point Socioeconomic Agenda which will guide the country towards a faster, greener and more inclusive growth.
The PEB was co-organized by the Department of Finance (DOF) and the Bangko Sentral ng Pilipinas Investor Relations Group (BSP-IRG), in cooperation with the Philippine Embassy in Washington, D.C., the Consulate and Philippine Trade and Investment Center in New York, and partner banks: Bank of America Securities, Goldman Sachs, HSBC, JP Morgan, Morgan Stanley, SMBC Nikko, Standard Chartered Bank, and UBS. (PIA-NCR)
