NextGen Day

The Philippines’ economic team will host a number of briefings in the first half of the year to promote the country to the business community in the Middle East, Asia, and Europe in order to draw in more foreign investments.

Budget Secretary Amenah Pangandaman, a member of the government’s economic team, made this revelation Saturday night in a prepared interview with SMNI News Channel.

Pangandaman stated that the purpose of the trip was “essential to promote the Philippines, just to show them that we are open for business and that we have a lot of investment prospects in the nation.”

Between February and June of this year, a few roadshows will be held in the Middle East, followed by Asia and Europe.

So for the first semester of the year, we’re probably gone most of the time, she explained.

Three Philippine Economic Briefings have been held by President Ferdinand R. Marcos Jr.’s economic team thus far (PEB).

The PEB in Europe was held in January to discuss the economic climate and investment prospects in the Philippines. Frankfurt, Germany, and London, United Kingdom, were covered.

The previous PEBs took place in 2022 in Singapore and the US.

The following economic briefing, according to Pangandaman, will take place in Japan, where Marcos will be on a working visit from February 8 to February 12.

She expressed hope that the sessions will lead to greater chances in the infrastructure and tourism industries, among other areas of the nation.

While a “lot” of corporate executives and investors have expressed a desire to invest in the Philippines, Pangandaman remarked that their main concern is the country’s ease of doing business.

Nevertheless, she claimed that the Marcos administration’s push for digital transformation maintains the optimism of potential investors.

They are pleased to learn that we are embracing digitization, Pangandaman added. “We requested that all agencies digitalize their processes, not simply their paperwork,” said one of the agencies.

The economic briefings will take place in the Philippines for the second half of 2023, according to Pangandaman.

Marcos previously emphasized the significance of luring in new investments to maintain the Philippine economy’s growing momentum.

Debt from PH is not a reason for alarm

The country’s outstanding debt of PHP13.420 trillion as of the end of 2022, according to the budget secretary, should not be a reason for alarm.

She made this proclamation while endorsing Benjamin Diokno, the secretary of finance, for his skill.

The payments we make represent only 10% of the budget, according to Pangandaman. “Our secretary of finance is quite capable. It is not a concern.

Pangandaman noted that it is a positive development that the country is considering establishing its first-ever sovereign wealth fund, known as the Maharlika Investment Fund (MIF).

“Good news for the Department of Budget and Management comes from any national government reform, or even legislative initiative, that will help us have enough fiscal room. We were pleased to create the Maharlika Fund because of this, she stated.

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