Friday, May 24, 2024

NEDA: Philippines Implementing Reforms To Improve Business Climate

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NEDA: Philippines Implementing Reforms To Improve Business Climate

2709

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The National Economic and Development Authority (NEDA) said on Thursday, Secretary Arsenio Balisacan has urged businesses in the United States to invest in the Philippines, noting that the government has implemented several reforms to improve the country’s investment climate.

During the Philippine Investors Dialogue at the Ritz-Carlton Hotel in the United States on April 17, Balisacan said there are several compelling reasons for investors to consider the Philippines as a destination of choice for business expansion.

“We have undertaken several transformative initiatives to substantially improve the investment climate. These reforms and initiatives clarify ambiguities in the rules, expand markets for our local industries, streamline government processes, and promote more competition,” he said.

“Through the President’s policy issuances, we have underscored the government’s strong commitment to promote the ease of doing business,” Balisacan added.

Balisacan said the accelerated rollout of the government’s “Build Better More” infrastructure flagship projects is also expected to boost growth and job creation.

“We have laid the groundwork for major projects and programs. We expect to see more of these projects becoming operational this year onwards, improving connectivity and supporting growth and resilience,” he said.

Balisacan added that with the increasing share of the working-age population, investors can expect demand to rise over the next few decades.

He said the government is working on the fundamentals of education, health, and social protection systems so that the economy may benefit from this demographic dividend.

“All of these initiatives will support and spur our numerous growth drivers—in construction and infrastructure, agriculture, manufacturing, mining, retail and tourism, education and health, IT, and creatives—as we go through this exciting stage in our nation’s development,” he said.

The PH Dialogue was attended by various business officials from the US and held on the sidelines of the World Bank Group-International Monetary Fund Spring Meetings from April 15 to 19.

Balisacan was joined by Finance Secretary Ralph Recto, Budget Secretary Amenah Pangandaman, and Bangko Sentral ng Pilipinas Deputy Governor Francisco Dakila, Jr. (PNA)