NextGen Day

MANILA – Secretary of the Department of Trade and Industry (DTI) Ramon Lopez has reassured American firms that the Philippines’ economic strategy will remain stable despite the upcoming change in the administration on June 30.

Lopez met with American investors at the Philippine Trade and Investment Forum in Washington, D.C. last week, where he offered business prospects in the Philippines for US-based companies, according to a statement released Tuesday by the DTI.

According to Lopez, the Duterte administration implemented critical laws that will ensure a stable economic environment, particularly for international companies looking to establish businesses in the Philippines.

The Retail Trade Liberalization Act (RTLA), the Foreign Investments Act (FIA), the Public Service Act (PSA), as well as the ease of doing business (EODB), and the Corporate Recovery and Tax Incentives for Enterprises (CREATE) laws, have all been amended.

“Despite the forthcoming national elections signaling a change in leadership, the department promises potential investors of its continuous end-to-end assistance as you realize the benefits of the Duterte administration’s strong economic fundamentals,” Lopez added.

He went on to say that the Philippines is still working to strengthen its strategic economic partnerships with various countries as well as within the region through free trade agreements.

The country continues to have privileged access to key markets like the United States and the European Union (EU).

“Despite the pandemic, we will leave behind a stronger Philippine economy as this government draws to an end.” “We have a track record of strong policy directives, reforms, roadmaps, and initiatives that will guide the country’s trade and industry sector toward sustainable and accelerated growth,” Lopez added.

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