TRADE Secretary Alfredo Pascual promoted the Philippine government’s strategic economic priorities to American investors during the Philippine Economic Briefing in New York on Sept. 21, 2022.
Pascual led the second panel discussion on infrastructure and industry where he shared the government’s efforts to jumpstart the country’s industrialization and economic transformation.
“Our task in government is to create the enabling conditions for the private sector, both local and international, as they inject dynamism into our country’s industrialization,” he said.
In his keynote speech, he highlighted plans to attract foreign investments through the government’s tier-specific and flexible incentives, and said that the Philippine industrialization plan will leverage the current trend of automation and data exchange in manufacturing and industrial technologies, including cyber-physical systems, the Internet of Things, cloud computing, cognitive computing and creating the smart factory. These, in turn, will be converged with the country’s existing industrial strengths and competencies to upgrade, diversify and reposition its global value chain participation.
“Science, technology and innovation will drive our efforts to build an inclusive and sustainable industrial base supported by efficient and reliable infrastructure facilities,” the Trade secretary explained.
He added that the Philippines’ industrialization strategy will hone in on four clusters: industrial, manufacturing and transport; technology, media and telecommunications; health and life science; and modern basic needs and a resilient economy.
During the panel discussion, the Trade chief also mentioned that the government is taking a holistic approach toward e-government as a medium to further boost the ease of doing business in the country.
When he was asked about what steps the government will take to generate more foreign direct investments, Pascual cited the policy reforms that have been adopted by the government such as Public Service Act, Foreign Investment Act, Retail Trade Liberalization Act, and the Corporate Recovery and Tax Incentives for Enterprises or Create Act.
The Trade secretary also lauded the Philippines’ planned whole-of-government approach in creating inclusive economic growth in the country.
The Philippine Economic Briefing in New York is part of the official program of the Philippine delegation on the sidelines of the visit of President Ferdinand “Bongbong” Marcos Jr. to the United States.