Daily TribuneA pivotal moment is upon us in the Philippines’ economic journey.
Private Sector Advisory Council lead convenor and Aboitiz Group president Sabin Aboitiz (rightmost) and Ayala Group chairperson Jaime Augusto Zobel de Ayala (second from left) engage in an animated discussion with New Zealand delegates to explore potential business opportunities and to foster stronger economic ties at the Philippine-New Zealand Business Matching Session.
Photograph courtesy of Private Sector Advisory Council
The Private Sector Advisory Council (PSAC) deemed the term of President Ferdinand “Bongbong” Marcos Jr. as a “pivotal” point for the economy in maintaining its strong growth momentum which is being driven by global partnerships.
In a statement on Saturday, Sabin Aboitiz, PSAC’s strategic lead convenor and president of Aboitiz Group, said business opportunities in the Philippines await the government and firms in New Zealand.
He stressed the Marcos administration has improved and enacted investment policies partly through PSAC’s coordination with the Office of the Special Assistant to the President for Investment and Economic Affairs (OSAPIEA).
Period of change
“A pivotal moment is upon us in the Philippines’ economic journey,” Aboitiz told New Zealand Prime Minister Christopher Luxon.
Aboitiz said the PSAC has seen “unprecedented” efforts by the Marcos administration toward strong public-private sector partnerships.
Luxon joined officers of the PSAC and the OSAPIEA last 18 April for a Philippine-New Zealand Business Matching Session in Makati City.
The event was part of Luxon’s official visit to the Philippines.
“For us, there is no better time than now for New Zealand to be part of the Philippines’ promising growth story and steady ascent to the global stage,” Office of the Special Assistant to the President for Investment and Economic Affairs Secretary Frederick Go said.
The PSAC cited the Retail Trade Liberalization Act and the Public Services Act as major drivers for foreign investments in the Philippines.
The former has reduced the minimum paid-up capital from $2,500,000 to $500,000 or P25,000,000.
For foreign retailers with more than one physical store, the minimum investment requirement was also lowered from $250,000 to $200,000 per unit.
Full foreign ownership of firms in the transportation, telecommunications, and energy sectors is now allowed. Previously, foreigners were granted only up to 60 percent share.
“There has never been a better time to invest in the Philippines, thanks to the unprecedented collaboration between the private sector and the public under President Marcos. This cooperation has enabled an environment where both government and business can thrive,” Aboitiz said.
The PSAC said New Zealand is keen on expanding dairy, meat, wood, and technology businesses in the Philippines.
