The investment community has assessed the Philippines as a strong investment destination even though the nation, as are most countries around the world, continues to deal with the health crisis spawned by the COVID-19 pandemic.
According to Finance Secretary Carlos Dominguez III, this was manifested in at least two citations of the country’s macroeconomic underpinnings and financial strength by prestigious organizations.
Dominguez told the Daily Tribune President Duterte’s “strong leadership” in pushing for amendments in key economic legislations was appreciated by the international community.
“It is heartening to note that this is the second international ranking published within the past several weeks in which the Philippines has placed within the top 10 percent of selected countries,” Dominguez said of the prestigious The Economist publication which ranked the country in sixth place of a 66-roster of countries in terms of fiscal strength.
The CEO Magazine, another prestigious publication, ranked the Philippines seventh most attractive place to invest of the 80 countries in its list.
“Anchored on President Duterte’s strong leadership in advocating long-overdue game-changing economic reforms, especially the urgent passage of the Corporate Recovery Tax Incentives for Enterprises (CREATE) Act, we expect to be even more attractive destination for investments from all over the world,” he added.
Dominguez vowed to continue what the economic cluster in the Duterte cabinet has started to boost further the country’s performance across all metrics used in the rankings.
“We will seek to continuously improve our performance in all these areas, including control of corruption, taxes and quality of life, while staying the course with our conservative debt and fiscal management and with a steady focus on human capital and infrastructure development,” Dominguez said.
Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno, however, said both the public and the private sector has a lot more to do to further improve the country’s attractiveness to investors.
“While the Philippines has been recognized as one of the top investment destinations post COVID-19, the Executive, Congress and the private sector have to unceasingly do more to further boost the country’s attractiveness to foreign investors,” he said.
Earlier, Diokno bared his support for economic recovery policies such as CREATE which aims to lower the country’s corporate income tax from 30 percent at the moment to only 20 percent over a phased period.