The Philippines is building its own “Silk Road” by modernizing its infrastructure, harmonizing business policies with its neighbors and streamlining intraregional investment flows, the Finance department said.
“Let me urge you to explore the rising opportunities for business collaboration in our new setting,” the department quoted Finance Secretary Carlos Dominguez 3rd as saying on Tuesday at the Singapore Regional Business Forum.
“We have been building our own ‘Silk Road’ in the region as we modernize our infrastructure, bring our information channels to speed and harmonize our policies with those of our neighbors,” he added.
“I should likewise invite you to explore investment opportunities in the rapidly growing Philippine economy. We are making it easier for intra-regional investment flows to happen. The spending program to increase our pace of economic growth opens many opportunities for your enterprises.”
Dominguez also told business leaders and key government officials that the Philippines was looking forward to strengthening and forging more business partnerships as it grows within the framework of the Association of Southeast Asian Nations Economic Community.
“The Philippines is more than ready to be a partner in the robust growth of this region,” he said.
He said the Philippines’ ambitious infrastructure plans, which will be supported partly by a proposed tax reform program, would not disrupt the fiscal discipline that has led to the economy’s high growth.
“The tax reform package and infrastructure program combined will spur economic activity without causing an inflationary spike,” with the rate expected to be within the range of 3 to 4 percent over the medium term even without changes in monetary policy.
Dominguez said the infrastructure build-up consisted of big-ticket projects, over one-fourth of which will be in the five poorest regions of the country.