BoI courts Dutch to choose Manila

As part of the Marcos administration's aim to attract more foreign investments to the country, the Board of Investment will entice Dutch firms in the upcoming Philippine Business Forum scheduled on 16 December at The Hague, Netherlands.

In a statement, the BoI said the PBF will be an avenue to showcase advantages in such sectors as maritime and logistics; energy; agro-food; information technology and software development; and creative industries.

Also, the PBF is meant to boost the confidence of Dutch firms in investing in the country by reinforcing the country's favorable regulatory environment, robust and sustainable infrastructure, and rich talent pool.

For their part, a number of Dutch firms will discuss the competitive advantages of investing in the Philippines.

Dutch companies with an existing Philippine presence, or who are interested to learn about the Philippines further, as well as Dutch industry associations, are encouraged to attend the forum, the BoI said.

No less than Trade Secretary Alfredo Pascual will give a keynote address at the PBF, said to be the first in-person forum in the Netherlands to be held under the new administration.

The PBF will also be a venue to emphasize Philippine contributions to the growth of Dutch firms.

Prime destination

The country's pitch is that it is a prime investment destination for Dutch companies, backed by recently passed game-changing economic reforms, such as the Corporate Recovery and Tax Incentives for Enterprises or the CREATE Law.

The monumental reform lessens the country's corporate income tax rate by 10 percentage points for domestic micro, small, and medium enterprises: and five percentage points for other corporations including foreign enterprises.

Additionally, the Philippines amended the Public Service Act, opening up sectors including telecommunications, toll roads, and shipping, to 100 percent foreign ownership.

The country's Retail Trade Liberalization Act and the Foreign Investments Act were also amended, to help international firms who are seeking entry into previously protected sectors in the country.