NextGen Day

MANILA, Philippines — In an effort to attract more foreign investment, UAE Trade Secretary Ramon Lopez has highlighted the Duterte administration’s recent economic changes to investors in the UAE.

The Department of Trade and Industry (DTI) stated in a statement released Monday that it presented the Philippines as a “premium investment destination” during the Country Business Briefing at Expo 2020 Dubai on February 11.

Lopez said the Philippine government has been pressing for critical economic legislation that will ease foreign equity limitations in the country during his meeting with business executives in Dubai.

Revisions to the Retail Trade Liberalization Act have already become law, while amendments to the Foreign Investments Act and the Public Service Act have been ratified by Congress and are currently awaiting President Rodrigo Duterte’s signature.

“Increased rivalry in the Philippine market is envisaged in terms of services and products,” Lopez told UAE-based investors. “This would result in higher quality and competitive pricing to the benefit of consumers.”

He also mentioned that the Corporate Recovery and Tax Incentives for Enterprises (CREATE) bill decreased corporate income tax from 30% to 25% and gives investors with competitive tax benefits.

The UAE’s DTI chief urged investors to delve into areas such as electronics, hyperscalers, automotive, copper, nickel, aerospace, and agribusiness, among others.

“While the pandemic continues to be extremely difficult, we are already seeing signs of recovery, with several indices surpassing pre-pandemic 2019 levels,” Lopez added.

He claimed that the Philippines had a 7.7% GDP growth in the fourth quarter of 2021 and a 5.6 percent full-year growth, making it one of the fastest-growing economies in Asean and East Asia.

Lopez observed the signing of three letters of intent (LOIs) and one memorandum of agreement (MOU) from Middle Eastern investors during his visit to the UAE.

These letters of intent and memorandums of understanding are expected to bring USD580 million in investments to the Philippines in medical equipment retail, dairy production, theme park development, and renewable energy projects.

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