Economic managers to focus on reforms to keep RP as competitive FDI site
Published on Oct. 7,2013
The country’s economic managers will discuss during the 39th Philippine Business Conference the various economic tools and follow-on policies that will sustain the country’s investment grade-rating to attract more private investments beneficial to the economy and translate this development into additional employment.
This year’s PBC organized by the Philippine Chamber Chamber of Commerce and Industry will be held on October 22 to 24 at the Manila Hotel. Finance Secretary Cesar Purisima, Economic Development Undersecretary Emmanuel Esguerra and Monetary Board Member and economist, Dr. Philip Medalla will speak on “Realizing the Investment Grade: What’s Next After Hitting the Target”.
These economic managers will be focusing on the follow-on reforms after the credit rating upgrade if the country is to remain in the list of first-choice locations for foreign direct investments in Southeast Asia.
According to PCCI president Miguel B. Varela, “the Philippines has to keep on enhancing its business climate to gain the attention of more foreign direct investments”.
“These FDIs are positioning their entry to the integrating Asean market of 600 million consumers,” he said “The sustainability, stability and clarity of economic reforms are important to investors evaluating their choices of specific location sites in ASEAN.”
“When three of the world’s top credit – rating agencies ranked us as investment-grade, they practically endorsed the good qualities of the Philippines as a location for profitable growth,” said Varela.
“Investors choosing among site alternatives need to learn about construction of modern infrastructures, labor costs and supply of manpower skills, tax structures, stability of regulations, legislative and judiciary support, logistics, and energy security,” he said.
“Sustaining the credit rating, the follow-on reforms and their implementation will keep us in the initial list of sites in Southeast Asia that FDIs will choose from,” said Varela.
“If we drop out of the initial list, we are out of the race,” he said.
He said delegates from regional and provincial member-chapters of PCCI and foreign trade missions are assembling for the Philippine Business Conference to gain clarity on these reforms.
“This is a golden opportunity for our companies ready for joint ventures, outsourcing, subcontracting, consulting, and co-ownership,” Varela said.