Trade and Industry Secretary Alfredo Pascual has told member states of the Indo-Pacific Region that the best time for them to invest in the Philippines is at the present time.
“The current administration of the Philippines is very much committed to making the country grow and be robust in terms of foreign investments. We are doing everything needed to make the conditions attractive to international investors,” said Pascual during the 6th Indo-Pacific Business Forum at the Shangri-la The Fort on Tuesday.
He said that the US and Philippine governments, among other allied countries, are working together to entice American companies to expand their shops here, to produce more revenues and jobs benefiting the Filipino workforce.
Government signal
“It is important that there is a signal from the government of the country that the Philippines is an area worth investing in and has the support from the government of the home country of investors,” he stressed.
Pascual maintains that the Philippines is compliant with the expectations of various allied countries, especially in terms of human rights, as the country is a signatory to various numbers of conventions related to human rights.
“We are enjoying the Generalized System of Prefernces (GSP) of the EU and the US that has human rights components. So the message to investors is ‘come here and you will not be struggling alone. We will be with you through your journey in getting new projects,’ he said.
US needs its partners
For her part, US Trade and Development Agency director Enoh Ebong, stressed that the US cannot successfully do business with Indo-Pacific partners unless meeting them where they are.
“Nothing can replace face-to-face partnership building and nothing allows us to understand your priorities better than showing up, listening, and taking action together. This is vital as we share common challenges that could only be addressed through collaboration as equal partners,” she said.
The US Trade official underscored that the US is committed to a free and open Indo-Pacific and recognizes that shared prosperity is tied to strengthening the region’s inclusivity and resilience.
“This requires high-quality infrastructure, taking action on climate and strengthening our supply chains, and a joint commitment for public and private sectors, that are central in any discussion for economic growth, trade and investment,” she said.
In May 2022, the United States launched the Indo-Pacific Economic Framework for Prosperity (IPEF) with Australia, Brunei Darussalam, Fiji, India, Indonesia, Japan, the Republic of Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, and Vietnam.
IPEF framework
The IPEF framework is aimed at advancing resilience, sustainability, inclusiveness, economic growth, fairness, and competitiveness for our economies.
Through this initiative, the IPEF partners aim to contribute to cooperation, stability, prosperity, development, and peace within the region.
Further, the framework will offer tangible benefits that fuel economic activity and investment, promote sustainable and inclusive economic growth, and benefit workers and consumers across the region.
The launch began discussions of future negotiations on four main pillars, namely trade, supply chains; clean energy, decarbonization, and infrastructure; and tax and anti-corruption.
