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President Duterte’s chief economic officer on Friday urged US investors to take advantage of the recovery in the Philippine economy, as well as the tax advantages that will be available not only for massive new investments but also for companies severely affected by the pandemic-induced recession. .
“As we gradually reopen the economy with health interventions, our GDP (gross domestic product) performed much better. We had a smaller GDP contraction of 11.5 percent in the third quarter from a decrease of 16.9 percent in the second quarter of this year. In quarter-on-quarter terms, the economy grew 8 percent in the third quarter. This indicates that the Philippine economy is improving. This is also a strong sign that the worst seems to be over for the country, ”said Finance Secretary Carlos Domínguez III at a webinar organized by the Philippine Embassy in Washington, DC.
“The path is clearer to a strong rebound in 2021. We expect to see further improvements in the last quarter of this year as we progressively reopen business and transportation,” Domínguez added.
Domínguez urged American entrepreneurs to seek opportunities in agriculture, digital technology, manufacturing and medical research to help the Philippines on its economic recovery path.
“We are driving 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 in having American investments in this area. Manufacturing is another key sector that we will 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, ”said Domínguez.
“We also see great potential in partnerships with US companies as we accelerate our move to a digital economy. The COVID-19 crisis is also a time to renew cooperation between our nations in the area of medical research, ”he added.
Domínguez said that while some of the Philippines’ closest neighbors were dealing with an aging population, the Philippines has a very young workforce.
“We have invested a lot in preparing our young people for the competitive world ahead. There is great talent in our market ready to unleash. In particular, we have a large pool of highly skilled workers to assist in the development of America’s manufacturing and innovative industries, ”he said.
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