The administration of President Ferdinand R. Marcos Jr. has touted key economic reforms made to increase the country’s appeal to foreign investors on Saturday.
Trade Secretary Alfredo Pascual, in a meeting with Thai business leaders in Bangkok, said Thai businesses should seize the opportunity of investing in the Philippines and take advantage of the country’s improved business climate.
“Friends, the Philippines is open for business. I would like to reiterate that. We have undertaken a number of reforms to make the Philippines even more attractive for investors and businesses,” Pascual said in his speech.
To ease foreign ownership restrictions and entice investors for the country’s recovery and growth, the trade chief said the government had amended the Public Service Act, the Foreign Investment Act and the Retail Trade Liberalization Act.
“We’ve also enacted the Corporate Recovery and Tax Incentives for Enterprises Act or CREATE, which reduces corporate income tax and provides tier-specific incentives for foreign investors,” Pascual pointed out.
This law also gives the President the ability to design support packages for highly desirable projects, according to Pascual.
The trade chief also cited policies that seek to expand and diversify trade and investment and ensure competitiveness in the business sector.
“Partners, one of our goals is to develop globally competitive and innovative industries that support inclusive and sustainable growth. For this, we’re also integrating trade, investment promotion and industry development policies,” said the trade secretary.
In the meeting, Thai industries expressed interest in investing in the Philippines in a wide range of areas that include infrastructure, transportation, tourism and food security.
Kriengkrai Thiennukul, Federation of Thai Industries chairman, said through stronger partnerships between the Philippines and Thailand, the two countries can help each other in bolstering economic growth.
Those present in the Philippine delegation include President Marcos, former President and now Deputy Speaker Gloria Macapagal-Arroyo, and Foreign Affairs Secretary Enrique Manalo. | PND
