BUSINESS
Advocates Philippines
Singapore's Business Community Shows Keen Interest In Investing More In The Philippines At The Second Philippine Economic Briefing
Photo credit: DBM
Singapore - The international business and finance community in Singapore exhibited strong interest in expanding investments in the Philippines during the second Philippine Economic Briefing (PEB) held on the morning of June 15, 2023. Esteemed figures, including DBS Group Chief Executive Officer (CEO) Piyush Gupta, praised the country's impressive growth performance, positioning the Philippines as one of the top ten nations of interest for Singaporean investors.
CEO Piyush Gupta lauded the Philippines' sustainable growth trajectory, digitalization agenda, and favorable geopolitical landscape, declaring that "the remainder of this decade is the Philippines' time." His sentiments echoed those of Department of Finance (DOF) Secretary Benjamin E. Diokno, who emphasized the opportune moment to invest in the Philippines, asserting that "this is the moment." Secretary Diokno attributed this optimism to the country's stable macroeconomic fundamentals and highlighted the bold strategic reforms and public investments initiated by the Administration of President Ferdinand R. Marcos Jr.
National Economic and Development Authority (NEDA) Secretary Arsenio M. Balisacan underscored the crucial role played by the private sector in propelling the country's infrastructure development. He also shared the President's directive to rapidly expand opportunities and partnerships for trade and bilateral relations.
Department of Budget and Management (DBM) Secretary Amenah F. Pangandaman expressed confidence in the budget and fiscal reforms implemented to address the government's limited fiscal space. These reforms include liberalizing the country's economy to foreign investments, rightsizing the bureaucracy, embracing digitalization, and aggressively pursuing Public-Private Partnerships to support priority sectors.
With the ongoing economic transformation, Secretary Pangandaman expressed her conviction that the Philippines will regain its status as the "darling of Asia," remarking, "I am certain that with your investments and support, the Philippines will not only be the darling but also the Sweetheart of Asia," in alignment with CEO Gupta's previous statement.
Bangko Sentral ng Pilipinas (BSP) Deputy Governor Francisco G. Dakila Jr. highlighted external factors such as cash remittances, business process outsourcing (BPO) revenues, Foreign Direct Investments (FDIs), and international reserves, which are expected to cushion the Philippine economy against global headwinds. In a positive development, Deputy Governor Dakila announced that inflation is projected to return to within the target range by the fourth quarter of this year.
The PEB, hosted and moderated by BSP Managing Director Tony Lambino and DBM Undersecretary Margaux Salcedo, served as a platform for the country's economic managers to engage with market leaders and discuss potential investment opportunities in the Philippines. Co-organized by the BSP, DOF, DBS Bank, and the Investment & Capital Corporation of the Philippines (ICCP), with the assistance of the Philippine Embassy in Singapore, the PEB aims to foster economic cooperation and promote the Philippines as an attractive investment destination.
CEO Piyush Gupta lauded the Philippines' sustainable growth trajectory, digitalization agenda, and favorable geopolitical landscape, declaring that "the remainder of this decade is the Philippines' time." His sentiments echoed those of Department of Finance (DOF) Secretary Benjamin E. Diokno, who emphasized the opportune moment to invest in the Philippines, asserting that "this is the moment." Secretary Diokno attributed this optimism to the country's stable macroeconomic fundamentals and highlighted the bold strategic reforms and public investments initiated by the Administration of President Ferdinand R. Marcos Jr.
National Economic and Development Authority (NEDA) Secretary Arsenio M. Balisacan underscored the crucial role played by the private sector in propelling the country's infrastructure development. He also shared the President's directive to rapidly expand opportunities and partnerships for trade and bilateral relations.
Department of Budget and Management (DBM) Secretary Amenah F. Pangandaman expressed confidence in the budget and fiscal reforms implemented to address the government's limited fiscal space. These reforms include liberalizing the country's economy to foreign investments, rightsizing the bureaucracy, embracing digitalization, and aggressively pursuing Public-Private Partnerships to support priority sectors.
With the ongoing economic transformation, Secretary Pangandaman expressed her conviction that the Philippines will regain its status as the "darling of Asia," remarking, "I am certain that with your investments and support, the Philippines will not only be the darling but also the Sweetheart of Asia," in alignment with CEO Gupta's previous statement.
Bangko Sentral ng Pilipinas (BSP) Deputy Governor Francisco G. Dakila Jr. highlighted external factors such as cash remittances, business process outsourcing (BPO) revenues, Foreign Direct Investments (FDIs), and international reserves, which are expected to cushion the Philippine economy against global headwinds. In a positive development, Deputy Governor Dakila announced that inflation is projected to return to within the target range by the fourth quarter of this year.
The PEB, hosted and moderated by BSP Managing Director Tony Lambino and DBM Undersecretary Margaux Salcedo, served as a platform for the country's economic managers to engage with market leaders and discuss potential investment opportunities in the Philippines. Co-organized by the BSP, DOF, DBS Bank, and the Investment & Capital Corporation of the Philippines (ICCP), with the assistance of the Philippine Embassy in Singapore, the PEB aims to foster economic cooperation and promote the Philippines as an attractive investment destination.
Jun 16, 2023
