MAKATI—“Partner Philippines and Build Value Together” sums up the latest government campaign to encourage investors to ride on the ongoing Philippine (PH) growth story.
Speaking in a Dutertenomics forum, which includes the country’s economic managers, on 10 August, Department of Trade and Industry (DTI) Secretary Ramon Lopez encouraged investors to partner with PH, which will help in creating additional value for their businesses that will boost income-generation operations.
“The initiatives under Dutertenomics can help support investors by creating an environment where companies can do business swiftly and efficiently,” said Sec. Lopez, stressing that ongoing infrastructure projects strategically link the country’s industries, which will further power the growth of an already strong economic base.
“Build Build Build will facilitate greater trade and investment as it opens up access to new markets, while minimizing trade and logistics cost,” he added.
According to the trade chief, investors can fully recoup their investments as their businesses enjoy the benefits of operating in a fully-industrialized and secure business environment. They can also enjoy PH’s stable macroeconomic fundamentals, the educated English-speaking workforce, the demographic sweet spot that presents an enlarging consumer base, and wider market access thru preferential trade agreements.
“The hallmark of Dutertenomics is to attain growth with equity, that is, addressing inequality while reducing poverty across the regions towards improved quality of life for all,” he added.
Dutertenomics sums up President Rodrigo Duterte’s key 10-point socio-economic commitment to widen the gains of development, to address income gap and to uplift the quality of life of Filipinos.
Under Dutertenomics is the Build Build Build program that aims to develop massive and efficient infrastructure projects to create more opportunities in the countryside by developing more regional growth centers.
According to Sec. Lopez, PH has its greatest asset in its people: a large pool of highly qualified and educated work force that are strongly customer-oriented, highly trainable with fast learning curve, adaptable to universal cultures and with high level of commitment and loyalty.
He also shared with the audience, which includes British businessmen, that the country’s independent foreign policy strengthens Philippine ties with its partners and has opened new market prospects.
Major players Japan, China, Russia, and the Middle East have been involved in various cooperation projects with PH that translated to increased investments and more job and income opportunities. Sec. Lopez also shared the potential of the Regional Comprehensive Economic Partnership (RCEP) as key to open a huge integrated market base of 3.5 billion with ASEAN plus six Dialogue Partners China, Korea, China, Japan, Australia and New Zealand.
“To simplify, we convert trade and investment gains into employment opportunities for Filipinos, helping them move up in life. At the same time, we develop innovative, competitive, job-generating industries where PH has competitive edge,” said Sec. Lopez.
“Manufacturing, agriculture, infrastructure, services and tourism are the country’s critical industries,” he concluded