Finance Secretary Benjamin Diokno states that the Philippines is ready to welcome revenue-generating foreign investments in telecommunications, airports, and other sectors.
The revised Public Service Act (PSA) has liberalized various industries, including telecommunications, allowing for 100 percent foreign ownership.
“Foreign investors are now welcome to bring their capital into the country, especially in the fields of telecommunications, airports, toll roads, and shipping,” said Diokno during Standard Chartered Bank (SCB) Sovereign Investor Forum held at Washington, D.C.
Aside from soliciting foreign investment, Diokno addressed potential investors on the Philippines’ economic prospects, fiscal policies, and Medium-Term Fiscal Framework, according to the Department of Finance.
President Ferdinand “Bongbong” Marcos Jr.’s economic team is dealing with high inflation, high interest rates, a depreciating peso against the US dollar, ballooning debt, a widening trade deficit, delayed poverty reduction goals, and the lingering effects of the COVID-19 pandemic, among other things.
“The Framework promotes transparency and credible commitment to pursue our socioeconomic goals while ensuring that the fiscal deficit will return to pre-pandemic levels and the debt ratios to more sustainable levels. Overall, the Medium-Term Fiscal Framework aims to promote sustainable long-term growth and sound fiscal management,” he added.
Diokno stated that headwinds may be minimized by pursuing the 8-point economic plan, which includes, among other things, decreasing the debt-to-GDP ratio, creating more employment, and maintaining a vibrant economy.
Aside from the PSA, Diokno advocated for the country’s “game-changing changes,” such as the Corporate Recovery and Tax Incentives for Enterprises Act (CREATE), as well as modifications to the Retail Trade Liberalization Act and the Foreign Investments Act.
