Filipino officials asked American multinational companies to invest in infrastructure projects in the Philippines which is one of the priorities of the Marcos administration.
National Economic and Development Authority Secretary Arsenio Balisacan said during the Philippine economic briefing in Washington D.C. on April 12 that President Ferdinand Marcos Jr. recently approved 194 infrastructure projects worth a total of $165 billion.
“Given the country’s numerous development and infrastructure needs, there are vast opportunities in sectors such as energy, water, logistics, transportation, agribusiness, manufacturing, tourism, health, education, and digital connectivity,” he said.
Balisacan underscored the advantages of investing in the Philippines such as the rapid and sustained economic growth, the country’s young, vibrant and growing working-age population and recent structural and regulatory reforms aimed at improving the business climate for international investors.
Balisacan said the private sector is a vital partner in realizing game-changing infrastructure projects in the country, given the limited resources available. “Despite the tight fiscal space resulting from the financing of our needs during the COVID-19 pandemic, the Marcos administration has made it a top priority to utilize Public-Private Partnerships or PPPs to support and complement its infrastructure drive. Pursuing PPPs will enable the government to leverage the private sector’s substantial technological and managerial expertise, as well as its financial resources,” he said.
Finance Secretary Benjamin Diokno said the government is determined to sustain high infrastructure investment in the next six years through the public-private partnership mechanism to enhance energy, logistics, transportation, telecommunications and water infrastructure in the country.
“Now, the spectrum of industries that foreign investors can participate in has grown wider than ever before. The economic liberalization measures that the Philippine government has enacted in recent years have opened up key high-growth sectors to international participation,” Diokno said.
He said the amendments to the Retail Trade Liberalization Act, Foreign Investments Act and the Public Service Act eased foreign restrictions on investments in the country.
Speaker Ferdinand Martin Romualdez assured foreign investors and multilateral lenders that the House of Representatives would continue to pass measures to sustain the country’s robust economic performance.
“We are committed to passing more measures that the Marcos administration may need to further enhance investment in the Philippines aimed at improving the lives of Filipinos,”Romualdez said.
“I urge foreign investors to stay the course with us and share the benefits of progress and development,” Romualdez said.