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Finance Secretary Carlos Dominguez III presented the Philippines’ “game-changing undertakings” to ensure a strong, inclusive, and resilient recovery from the pandemic to foreign investors on Friday, urging them to participate in these initiatives to help the Filipino people achieve a “sustainable and better future.”

A fast-tracked digitalization program across the Philippine bureaucracy, the timely passage of the corporate tax reform law, the establishment of a national identification system, measures to improve the ease of doing business, the continued modernization of the country’s infrastructure, and ambitious climate adaptation and mitigation projects are among these game-changers, he said.

Infrastructure development, manufacturing, digital technology, renewable energy (RE), and research and development (R&D) are all areas where Dominguez believes investment partnerships with foreign investors can be strengthened.

“Now is an excellent time to broaden collaborations.” “Led by adept public policy and strong private sector initiatives, our countries are emerging from the pandemic,” he said in a virtual Philippine Economic Briefing (PEB) with the country’s various foreign chambers.

In a pre-recorded message aired during the 10th-anniversary celebration of the Italian Chamber of Commerce in the Philippines Inc., Dominguez also reaffirmed the Philippines’ rosy post-pandemic economic outlook (ICCPI).

“The Philippines is once again a thriving market. We are determined to resume the rapid growth pattern that was briefly disrupted by the pandemic. He stated, “We are more than ready for the new and better normal.”

Because of the Philippines’ scaled-up vaccination drive, coronavirus disease 2019 (Covid-19) infections are declining at a steady rate, he reiterated the economic team’s earlier assessment of achieving a full reopening of the economy by the start of the New Year.

Dominguez expects the economy’s 7.1 percent growth in the third quarter, as well as an increase in foreign direct investments (FDIs), a strong financial position, and continued fiscal discipline, to lead to improved GDP performance in the fourth quarter.

Inviting foreign chambers to help spread the word and encourage more investors to “be involved in (the Philippines’) game-changing undertakings,” the president urged them to do so. Dominguez cited the government’s efforts to move to a digital economy as an example.

The use of electronic channels by the major revenue-generating agencies to allow them to exceed their collection targets, as well as the migration of transactions online to develop broad-based and inclusive capital markets, such as those initiated by the Securities and Exchange Commission (SEC) and the Bureau of the Treasury, are examples of these (BTr).

Dominguez also emphasized the timely passage of the Corporate Recovery and Tax Incentives for Enterprises Act (CREATE), which provided businesses with the largest stimulus package in history to aid in their recovery from the pandemic and modernize the tax incentive system to encourage more high-value investments and innovation.

CREATE, he said, complements the Duterte administration’s other reform efforts to make the Philippines more business-friendly.

Among the measures are the Anti-Red Tape Act (ARTA), the Ease of Doing Business (EODB) Act, the infrastructure modernization program, and the creation of a national ID system.

President Rodrigo R. Duterte signed Republic Act 11055, or the Philippine Identification System Act, into law in August 2018, with the goal of creating a single national ID for all Filipinos and resident aliens.

The national ID will serve as a valid proof of identity that will make public and private transactions, school enrollment, and bank account opening easier.

It also aims to improve efficiency, particularly when dealing with government services, by requiring people to present only one form of identification during transactions.

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