The Department of Finance (DOF) told Italian businessmen that investing in the Philippines would also entitle them to perks from recent game-changing reforms of the Philippine government.
Finance Secretary Benjamin E. Diokno said Italian businessmen will enjoy the economic liberalization measures that widen the space for international firms to invest in previously protected sectors and form joint ventures with Filipino companies.
“Enterprises employing advanced technologies will greatly benefit from these new laws. These game-changing reforms demonstrate our strong determination to be a prime investment destination in Asia,” Diokno said.
The government, the finance chief said, also assures investors that it has the necessary tools to respond to current global headwinds. He remains certain that growth targets for this year remain attainable.
Diokno referenced the country’s strong gross domestic product (GDP) growth of 7.7 percent in the first three quarters of 2022. This was mainly driven by strong domestic demand and improvement in labor market conditions.
“I invite all business leaders, entrepreneurs, and investors here today to seize these new opportunities for growth and expansion here in the Philippines. We look forward to strengthening ties as well as forging new ones with our partners in the Italian business community,” Diokno said.
The Marcos administration is working to steer the economy to a high-growth trajectory through a comprehensive eight-point socioeconomic agenda.
This aims to bring about higher investments in smart infrastructure, human capital development, and digitalization, and will be guided by the Medium-Term Fiscal Framework (MTFF) to reduce fiscal deficit, promote fiscal sustainability, and enable robust economic growth.
The 2022 ICCPI Leadership Awards recognized exceptional Filipino and Italian business leaders, entrepreneurs, and organizations that exhibited outstanding practices and global excellence in their respective fields. The awards celebrated excellence in leadership and encouraged the next generation of entrepreneurs.