Upsurge of US investments seen following successful Philippine Dialogue

2024 April 22

ECONOMIC DISCUSSIONS. Budget Secretary Amenah Pangandaman, Finance Secretary Ralph Recto and Socioeconomic Planning Secretary Arsenio Balisacan (2nd to 4th from left) showcase the compelling reasons why American investors should continue expanding their businesses in the Philippines during the Philippine Dialogue at The Ritz-Carlton in Washington, D.C. on April 17, 2024. It was attended by around 90 executives from US-based funds and corporations, multilateral institutions, and the public sector. (Photo courtesy of DOF)

MANILA – An upsurge of American investments into the country is expected following the highly successful Philippine Dialogue in Washington, D.C. last week.

Department of Finance Secretary Ralph Recto showcased before American investors the visionary leadership of President Ferdinand R. Marcos Jr. and his administration’s sound fiscal and economic policies, along with a slew of pro-business reforms that effectively rolled out the red carpet for both foreign and domestic investors.

“The Philippine Dialogue marked a significant milestone in our efforts to foster robust economic partnerships with the United States,” House of Representatives Speaker Martin Romualdez said in a news release on Monday.

“The enthusiastic response from American investors who recognize the immense potential and opportunities that the Philippines has to offer is a strong indication that our country is poised to attract substantial investments from US corporations seeking lucrative opportunities abroad,” he added.

Romualdez, who attended the April 17 dialogue at The Ritz-Carlton, noted that several Americans with investments in the Philippines came forward to express their desire to expand their operations and gave support to the government’s plans to further improve the ease of doing business.

“The Philippines’ steadfast adherence to fiscal discipline and prudent debt management has garnered international acclaim, bolstering investor confidence, and positioning the nation as a beacon of stability and growth in the Asia-Pacific region,” he said.

He cited the comment of HSBC Public Sector Banking chairman of global banking and markets Michael Ellam who recognized the Philippines’ “comprehensive and decisive reform agenda” that has made the country “resilient despite global headwinds.”

Romualdez said these policies are further enhanced by the competitive advantage offered by the country’s young, tech-savvy and English-speaking workforce.

The Philippine Dialogue built on the progress made during the recent Philippines-US-Japan summit.

It was attended by around 90 executives from US-based funds and corporations, multilateral institutions, and the public sector.

Romualdez reiterated the strong commitment of the House of Representatives to support the realization of President Marcos’ vision for the Philippines to achieve upper middle-income economy status by 2025.

“As we continue to chart a path towards sustainable economic development and prosperity, the House remains steadfast in our support for President Marcos Jr. and his initiatives to foster closer ties with the United States and other key allies, driving forward the agenda of inclusive growth and shared prosperity for all,” he said.

Jose Cielito Reganit (PNA)