The Marcos, Jr. administration’s economic managers brought the Philippines’ investment agenda to Hong Kong on the sidelines of the Belt and Road Summit, highlighting the country’s growing opportunities for trade and investment, as well as its interest in deepening partnerships with international investors.
The Philippine Economic Briefing in Hong Kong (PEB-HK) brought together business leaders, investors, financial institutions, and entrepreneurs to explore opportunities in the Philippines and strengthen economic ties with the country.
“Hong Kong is a global financial center and a gateway to Asia. The Philippines is a fast-growing economy with talent, scale, resources, and a strategic location in the region. Our strengths complement each other,” Finance Secretary Frederick D. Go said during his keynote speech at the PEB-HK.
The Hong Kong leg of the PEB follows earlier investor calls such as the Big Bold Reforms (BBR) held in Taguig City in January, the Philippine Economic Forum held in San Francisco in April, and the recently held PEB in Davao City in August.
The PEB-HK once again brought the Philippine investment story to the international market and connected Hongkong-based companies, as well as global investors, with opportunities across the country.
The investment push is anchored on sound fiscal management and reforms that make doing business easier and more predictable, including the CREATE MORE Act, new PPP Code, longer investment lease terms, Green Lanes for Strategic Investments, right-of-way reforms, CMEPA, and the Enhanced Mining Fiscal Regime Act.
The Department of Finance (DOF) also highlighted its attached agencies’ efforts in reducing business costs and streamlining transactions, with the Bureau of Customs (BOC) extending importer accreditation to three years and the Bureau of Internal Revenue (BIR) cutting the creditable withholding tax on certain manufacturers and direct importers from 1% to 0.5%.
These reforms are backed by strong economic fundamentals, with sustained growth in remittances, business process outsourcing (BPO), and exports, in spite of the ongoing geopolitical instability.
In recent assessments, the Philippines has transitioned to upper-middle-income classification with its investment-grade ratings affirmed by JCRA, R&I, and Moody’s. The country’s profile as a bankable investment destination has also been observed with the Investment Promotion Agency (IPA) and Board of Investments (BOI) investment approvals reaching PHP1.9 trillion for two consecutive years.
The government is focusing on channeling more investment to sectors capable of generating quality jobs and strengthening domestic production, including semiconductors and electronics, mineral processing, pharmaceuticals and medical devices, food and agriculture, steel, renewable energy, infrastructure, and tourism.
Emerging industries such as electric vehicles and shipbuilding are also being developed as new engines of growth.
“The next chapter of Philippine growth will be built with the private sector and partners from the global business community,” Sec. Frederick Go said.
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