Finance chief urges US firms to invest in PH
Credit to Author: MAYVELIN U. CARABALLO, TMT| Date: Mon, 22 Apr 2019 16:20:26 +0000
American firms have been urged take advantage of the Philippines’ continued economic growth by investing in infrastructure projects and other sectors, the Finance department said.
Finance Secretary Carlos Dominguez 3rd, during a lunch with United States Chamber of Commerce (USSC) members last April 12 in Washington D.C., was quoted as saying that “the prospects for faster Philippine economic growth in the coming years should be an avenue for stronger collaboration with the US, especially with the private sector.”
Dominguez claimed the country was to poised to become “Asia’s next powerhouse” as a result of tough reforms and investments in infrastructure and human capital development.
“You are looking at a Philippines that is invigorated and moving forward very quickly,” he told USSC members.
“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 added.
The Duterte administration, he claimed, was undertaking efforts to address government inefficiencies, the infrastructure gap, corruption, and the high cost of doing business.
He cited the signing into law of the Ease of Doing Business Act and the administration’s push for congressional approval of the Tax Reform for Attracting Better and Higher Quality Opportunities (Trabaho) bill.
The Finance chief downplayed concerns that the Trabaho measure would lead to fewer incentives, saying the government only wanted to improve perks offered to investors.
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