Finance Secretary Benjamin Diokno and Budget Secretary Amenah F. Pangandaman briefed the US-ASEAN Business Council (US-ABC) on the Philippines’ improved investment laws and policies, underscoring the country’s readiness to welcome businesses.

“We enacted amendments to our investment laws, namely the Public Service Act. This is a 90-year project which opened up certain sectors to 100 percent foreign ownership – telco, toll roads, shipping, and others. Also, we amended the Retail Trade Liberalization Act and the Foreign Investments Act to open our doors wider for international firms to participate in previously protected sectors. So with a much sharper policy toolkit and more welcome investment environment than ever before, the Philippines is open for business,” said Secretary Diokno during the US-ABC Meeting: 2022 Philippine Business Mission on October 26, 2022.

The US-ABC is the premier advocacy organization for US corporations with over 170 member-companies operating within the ASEAN region, and serves as the leading voice in promoting mutually beneficial trade and investment relationships between the US and Southeast Asia.

According to Secretary Diokno, the Philippines has the fiscal space needed to maintain massive investments in infrastructure equivalent to 5 to 6 percent of GDP annually. Furthermore, the government has made an effort to streamline public-private partnership (PPP) processes in order to attract investments from the private sector, especially in ready-to-implement infrastructure projects.

US-ABC Senior Vice President and Regional Managing Director Ambassador Michael Michalak led a moderated discussion with representatives from American businesses in the Philippines. Some of the companies in attendance were IBM, Abbott, Amazon, Netflix, Merck, Mondelez, Pfizer, Zuellig, and Texas Instruments.

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Link to as-delivered speech: https://www.dof.gov.ph/us-asean-business-council-meeting-2022-philippine-business-mission/