Special Envoy of the President and Head of the Philippine Delegation to the World Economic Forum (WEF), Finance Secretary Ralph G. Recto, urged global investors to choose the Philippines and it will ensure their success through the recently enacted Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act.
“CREATE MORE was designed to address your concerns and tailor fiscal and non-fiscal incentives to meet your specific needs. Simply put, CREATE MORE was carefully crafted to make more money for you and create more high-quality jobs for our people,” he said in his remarks at the Philippine Breakfast Interaction with Investors on January 22, 2025 in Davos, Switzerland.
“Here’s our promise: The moment you step in [the Philippines], we will let you experience a home that nurtures your long-term growth and success,” he added.
The Philippine Breakfast Interaction at WEF convened close to 50 international public and private sector leaders for a briefing on the Philippine economy and its promising potential as the next big investment destination.
It was organized by the DOF and Ambassador and Permanent Representative of the Philippines to the World Trade Organization (WTO) Manuel Antonio J Teehankee at the sidelines of the WEF Annual Meeting to secure more investments in high-impact industries that will help drive inclusive economic growth in the Philippines.
Secretary Recto was joined by House Speaker Ferdinand Martin G. Romualdez, Department of Trade and Industry (DTI) Secretary Ma. Cristina A. Roque, and Ambassador Teehankee during the event.
It was attended by global heads of international companies, including Marcus Wallenberg Chairman of Skandinaviska Enskilda Banken; Philippe Amon, Chairman and CEO of SICPA SA; Catarina Amon, CEO and Founder of Classeek; Anthony Tan, CEO and Co-Founder of Grab; John Riady, Group CEO of Lippo Indonesia; Tony Fernandes, CEO of AirAsia; and Calvin Choi, CEO of AMTD.
Also present were Jay Collins, Vice Chairman of Citi; Helena Lersch, Vice President of Public Policy of Tiktok; Amit Kalyani, Vice-Chairman and Joint Managing Director of Kalyani Strategic Systems Limited; and Albert Chang, Managing Partner of Southeast Asia, McKinsey & Co., among others.
Representatives from HCLSoftware, ING, Glencore International, BHP, and Bitkub Capital Group Holdings were also in attendance.
Aside from CREATE MORE, the Finance Chief spotlighted the Philippines’ robust domestic economy driven by e-commerce, making the country the fastest-growing digital economy in ASEAN in 2024 according to the latest e-Conomy SEA report.
To sustain this momentum, the Philippine government has been expanding its digital infrastructure beginning with the Philippine Digital Infrastructure Project, the National Broadband Program, and the Common Tower Program to enhance digital connectivity nationwide—particularly in underserved areas.
Moreover, the government has implemented regulations in the digital space to strengthen oversight of digital businesses, such as the Internet Transactions Act and the Value-added Tax on Non-resident Digital Services Act.
Secretary Recto also spotlighted the country’s competitive advantages such as its young and talented workforce with a median age of only 25 years old, making the Philippines an ideal demographic partner for the economy of the future.
According to HSBC, the Philippines’ working-age population is projected to grow by as much as 15% between 2025 and 2035––the fastest pace in the region.
“We are continuously upskilling our workforce through our Artificial Intelligence Strategy Roadmap to harness their talents to fully power up your forward-looking industries. Because we are not just keeping pace with global trends — we are ready to lead them,” he said.
A report by Microsoft Philippines and LinkedIn’s 2024 Work Trend Index showed that the Philippines ranks among the leaders in AI adoption, with 86% of its knowledge workers utilizing AI in their daily tasks, surpassing the global average of 75% and the regional average of 83%.
During the breakout sessions, the Philippine officials led a roundtable discussion on leveraging public-private partnerships to harness opportunities in the AI-driven future.
Key insights from the discussions include the need to improve the digital infrastructure backbone to support advanced technologies; upskilling Filipino workers in technology through education; leveraging AI to empower entrepreneurship; integrating AI across industries and sectors; and streamlining business processes for a seamless and frictionless experience, among others.
Aside from the Breakfast Interaction, the Philippine delegation has also been engaging in one-on-one meetings with top global companies at WEF, including banks, manufacturers, and technology companies to discuss possible investment and expansion opportunities.
The WEF is the International Organization for Public-Private Cooperation, serving as a global, impartial, and not-for-profit platform that fosters meaningful connections among stakeholders.
Founded in 1971, the WEF has evolved into a premier global platform, convening annually to bring together leaders from government, business, and civil society to establish trust and drive collaborative initiatives for progress and sustainable development.
