PNA file photo
MANILA – The Department of Finance (DOF) on Monday said Secretary Benjamin Diokno has told Japanese businesses that the government is implementing reforms that will improve the business climate in the Philippines.
Diokno made the statement at the Philippine Investment Opportunities Forum on Sunday (Aug. 29) at the Japan International Cooperation Agency (JICA) office in Takebashi, Tokyo.
He said these reforms will help the Philippines become a leading investment hub in Asia.
“Indeed, the Philippines today is primed more than ever to become a leading locus of investments in Asia and the Pacific. This is made possible through the establishment of a stable, predictable, and competitive investment environment,” he added.
The finance chief presented the country’s improved public-private partnership (PPP) policy framework, fiscal incentives under the Corporate Recovery and Tax Incentives for Enterprises (CREATE) law, and the Maharlika Investment Fund, which implementing rules and regulations (IRR) are now out.
“To this end, the Philippine government has embarked on the aggressive implementation of reforms to create a conducive environment for PPP-related investments,” Diokno said.
He said the Philippine government has amended the IRR for the Build-Operate-Transfer (BOT) law to strengthen the financial viability and bankability of PPP projects; improved the Investment Coordination Committee (ICC) guidelines on PPP approvals to ensure faster processing and approval of PPPs; and enhanced the National Economic and Development Authority (NEDA) joint venture (JV) guidelines to align the revised IRR of the BOT law and the proposed PPP Act.
Diokno also pitched Marcos administration’s 197 Infrastructure Flagship Projects (IFPs) in energy, water, logistics, transportation, agribusiness, manufacturing, tourism, health and education worth around USD155 billion for possible partnership with Japanese businesses.
JICA’s chief representative in the Philippines Takema Sakamoto echoed Diokno’s statement that the Philippines is a viable investment hub and development partner.
He said the Philippines has a demographic sweet spot, manageable debt levels, commitment to PPP projects and opportunities for development partnerships.
JICA currently has 28 ongoing loans with the Philippine government, which include North-South Commuter Railway (NSCR) Project, NSCR Extension Project, and the Metro Rail Transit Line 3 Rehabilitation Project. (PNA)
