The Department of Trade and Industry continued to adopt a positive economic outlook this year despite various challenges such as the tightening of global financial markets.
“The Philippines is on a path toward economic recovery and growth following the COVID-19 pandemic. As President Ferdinand Marcos Jr. has said on several occasions, the Philippines is now open for business,” Trade Secretary Alfredo Pascual said during the UBS Philippines Macro Tour 2023 at Fairmont Makati.
“Our country’s strong macroeconomic fundamentals and well-crafted structural reforms will serve us well as we confront the challenges of the current tightening of global financial markets and the prevailing inflationary pressures,” said Pascual.
The event enabled investors to assess potential investment opportunities in the Philippine market and establish partnerships and collaborations with various sectors to address investor concerns and formulate a guide on how investors can better engage and participate in the Philippine economy.
Pascual noted the approval of some P414 billion investment pledges by the Board of Investments in the first two months of 2023, that prompted the agency to raise its investment target to P1.5 trillion.
The DTI attributed the improving appetite for investments to robust local consumption and an improving economy amid the slowdown of other economies in the region and around the globe.
He said another factor is the country’s large population, reflecting a huge potential market that makes the Philippines an ideal hub for various businesses. He also underscored the government’s non-stop efforts to create an enabling environment where businesses can thrive and prosper.
Pascual said that in the past, the country’s economy was mainly consumption-driven, but with the recent innovations, the government focused on creating an industry-led economy.
An industrial economy will facilitate the influx of investments in the country, generate stable, high-quality and better-paying jobs for Filipinos, he said.
The UBS Philippines Macro Tour 2023 is an annual gathering of regulators, policymakers, experts and stakeholders who are capable of guiding investors in navigating through macroeconomic themes on the ground in the Philippines.