PHILIPPINE government officials are upbeat about fresh investments coming from the United Kingdom (UK), to support the country’s infrastructure buildup program or the “Build, Build, Build” (BBB), according to the Department of Finance (DOF).
During the Philippine Economic Briefing (PEB) in London, Finance Secretary Carlos G. Dominguez III expressed confidence that the economic partnership with the UK—among the Philippines’s 10 leading sources of foreign direct investments (FDI)—would grow in the years ahead, given that the British economy has been a reliable partner even when the Philippines was going through difficult challenges in the past.
“We are confident this partnership will grow even more as our economy emerges to take its place among the dynamic economies in a dynamic region,” Dominguez said in his keynote speech on Tuesday at the PEB held at the Four Seasons Hotel.
Dominguez expressed optimism that more investments from the UK would enter the Philippines in the coming years, “especially in the sunrise sectors of our economy.”
“These are exciting times for our economic development. We invite you to participate in building a strong and resilient economy,” he added.
Among those present at the event were British Ambassador to the Philippines Daniel Pruce, Philippine Ambassador to the UK Antonio Lagdameo, and top executives of Standard Chartered, UBS, Bank of China, J.P. Morgan, Citibank, Credit Suisse and Goldman Sachs. Members of the UK-Asean Business Council and of the Philippine business sector were also in attendance.
The PEB aims to brief British investors on the vast business opportunities in the Philippines’s infrastructure, energy and tourism sectors, and to explore ways to expand economic cooperation between Manila and London.
The finance chief explained that improvements in the ease of doing business (EODB), along with other initiatives like the Comprehensive Tax Reform Program (CTRP)
and the BBB, have deepened investor confidence in the Philippines under the watch of President Duterte, leading to a 42.4-percent surge in net foreign direct investments to $5.8 billion in the first half of 2018.
Dominguez said the most remarkable aspect of the country’s economic performance so far this year is its turn into an increasingly investment-led growth, following a 27.4-percent jump in capital formation—the most comprehensive gauge of investments—as Duterte’s BBB initiative continues to gain momentum.
Around 250 participants attended the PEB, which carried the theme “Strengthening Economic Resilience and Spurring Infrastructure Development for Inclusive Growth.”
The PEB was led by Dominguez, along with Budget Secretary Benjamin E. Diokno, Socioeconomic Planning Secretary Ernesto M. Pernia, Bangko Sentral ng Pilipinas Deputy Governor Diwa C. Guinigundo, Transportation Secretary Arthur P. Tugade, Public Works and Highways Secretary Mark A. Villar, and Bases Conversion and Development Authority President and CEO Vivencio B. Dizon.
Trade and Industry Secretary Ramon M. Lopez and Tourism Secretary Bernadette Fatima Romulo Puyat joined the team in a series of meetings and roundtable discussions with British firms and companies.
Meanwhile, at the sidelines of the PEB, Dominguez pointed out that the country is looking to issue $2 billion of hard-currency denominated bonds with a tenor of 10 years by next month.
DOF upbeat on new infra-tied investments flowing in from the UK.