American business leaders have been told that now is the best time to invest in the Philippines, with Finance Secretary Carlos Dominguez 3rd citing ambitious government infrastructure plans that are expected to boost the country’s economic prospects.
“We are making the right investments, we are moving ahead,” Dominguez was quoted as saying by the Finance department during a recent meeting with members of the United States-Association of Southeast Asian Nations (US-Asean) Business Council.
Dominguez said that President Rodrigo Duterte’s “Build Build Build” initiative, which will be funded by the proposed Comprehensive Tax Reform program, would modernize the country’s logistics backbone, attract investments and create more jobs.
Present during the meeting were US-Asean Business Council President and CEO Alexander Feldman and representatives of US companies in Asia such as 3M, Citi, Coca-Cola, Emerson, Exxon Mobil, Fluor, Fod, IM System Group, Microsoft, Monsanto, PMFTC Inc., Uber, UPS and Visa.
According the Finance department, Feldman said they met with Dominguez to find out how American firms can support the Philippines’ economic agenda.
Dominguez also told the American businessmen that the government was currently reviewing its Foreign Investment Negative List to open more industries to foreign investors.
He said that after the CTRP’s first package — the Tax Reform for Acceleration and Inclusion Act — hurdles Congress, the administration will propose other tax reforms that will include lower corporate tax rates and rationalizing fiscal incentives.
“The (second tax reform) program on rationalizing fiscal incentives is going to be very targeted based on performance, and time-bound like most tax systems,” Dominguez said.