NextGen Day

MANILA, Philippines – Secretary of the Department of Trade and Industry (DTI) Ramon Lopez has reassured American firms that the agency will continue to reform in order to enable the expansion of enterprises and investments in the Philippines.

Lopez said the Philippines and the United States have remained close allies across several administrations in recent years during a virtual economic briefing hosted by the Philippine Embassy in Washington, DC on Thursday evening.

“With our national coming in a few months signaling a change in administration, I want to assure all of you that our department, the Department of Trade and Industry, will remain committed to continuing game-changing reforms and providing the assistance needed by American businesses and investments to continue growing and prospering in the Philippines,” he said.

The DTI secretary asked US corporations to engage with Filipino businesses to help them rebuild in the aftermath of the pandemic.

He urged American investors to look into opportunities in the Philippines, particularly in industries that are growing or have the potential to grow, such as electronics, high-value services in information technology and business process management, the automotive sector, including electric vehicles and their ecosystem, and digital infrastructure, particularly hyperscalers and data center operations.

Foreign corporations now have more room to invest in the Philippines, Lopez added, citing the passage of major economic measures such as revisions to the Retail Trade Liberalization Act, Foreign Investments Act, and Public Service Act.

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