Dominguez tells US investors to jump into Philippine bandwagon

MANILA, Philippines - Finance Secretary Carlos Dominguez is urging American business leaders to invest in the Philippines and take advantage of the country’s “vibrant” economic prospects amid its infrastructure buildup program.

During a meeting with the US-ASEAN Business Council, Dominguez said the Duterte administration is “making the right investments” with its Build Build Build program, which will require up to P9 trillion in investments until 2022.

He said the program aims to modernize the country’s logistical backbone, attract investments and create more jobs.

“We are making the right investments, we are moving ahead,” Dominguez told the group, led by its president and chief executive officer Alexander Feldman.

Dominguez added other factors, such as the Philippines’ “benign” interest rates, low oil prices, positive credit ratings, low debt-to-gross domestic product ratio, and “young, dynamic” workforce, are seen to sustain the country’s economic growth and entice investors to enter the market.

The finance chief also told American investors the government is currently reviewing its foreign investment negative list to further open some industries to foreign investors.

Dominguez also assured the business leaders of the administration’s attention to its economic priorities, as reflected in President Duterte’s “unequivocal” support not only in the implementation of tax policy and administration reforms, but also in the crackdown against tax evaders.

When asked about the government’s stance on reproductive health, Dominguez said the President himself called on the judiciary to help in the implementation of the RH Law.

Dominguez said the Congress was also asked to review existing procurement laws to expedite the delivery of basic goods and services.

On the national ID program, Dominguez said the government is considering it as a major component of the anti-red tape program.

“A number of legislation had been filed for that. Our goal is to have a national ID issued at birth. It will then be changed when one turns 18 and can be used for transactions. We are looking at the Indian model, which was done in two to three years,” Dominguez said.

According to the DOF, the meeting with the US-ASEAN Business Council was also attended by senior vice president and regional managing director, Ambassador Michael Michalak, director for information and communications technology and energy in Maritime Southeast Asia, Kim Yaeger; senior manager for energy in the Philippines and Singapore, Riley Smith, senior representative for ASEAN-Philippines, Elizabeth Magsaysay-Crebassa, and representative for the Philippines, Evelyn Mariano.

Representatives of US companies in Asia, such as Citi, Coca-Cola, Emerson, Exxon Mobil, Fluor, Fod, IM Systems Group, Microsoft, Monsanto, Philip Morris Fortune Tobacco Corp., Uber, and Visa also attended the meeting.