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The Department of Finance (DoF) is encouraging US companies to invest in the Philippines as the government is beginning to revive the country’s economy.
During a virtual economic briefing hosted by the Philippine embassy in Washington, DC on Friday, Finance Secretary Carlos Domínguez 3rd said the government planned to continue to find more ways to revive the economy while strengthening the country’s healthcare system. .
“We see many areas of cooperation between the United States and the Philippines on this front,” he added, noting that the government is turning the 2019 coronavirus disease (Covid-19) pandemic into an opportunity to boost the competitiveness of the manufacturing industry and agriculture of the country. sectors.
The finance chief said the government was pushing the use of digital technologies to transform Philippine agriculture into a dynamic and high-growth sector.
“Given that the United States is one of the largest food producers in the world, we see an immense potential benefit from having American investments in this area,” he added.
Domínguez also said that manufacturing was another key sector that the government would revitalize in the post-pandemic era.
“This is a good time for US companies looking to diversify their supply chains to see the Philippines as a viable source of intermediate products and services,” he added.
According to him, the Philippines has a very young workforce and a large number of highly skilled workers who can help in the development of America’s manufacturing and innovative industries.
“We also see great potential in partnerships with US companies as we accelerate our move toward a digital economy,” said Domínguez.
The cabinet official also said that the Covid-19 crisis was also a time to renew cooperation between the Philippines and the United States in the area of medical research.
“As we go through very difficult circumstances, we intend to maintain fiscal discipline and make our financial sector more inclusive. We are introducing additional reforms that will help us consolidate a pro-business environment, ”he added.
“We expect the Philippines’ strong fundamentals, fiscal resilience, and effective governance to continue to make us a promising investment destination and growth market for US investors.”
Meanwhile, Citi Philippines CEO Aftab Ahmed said the Philippines was in a demographic sweet spot, starting in 2015 and projecting through 2053.
“The country offers a wealth of growth opportunities for US companies and other companies. [multinational firms], both in traditional industries and in physical activities, such as logistics and health services, [and] in the technology-related sector ”, he added.
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