These were the parting words of Secretary Frederick Go of the Office of the Special Assistant to the President for Investment and Economic Affairs during the First General Membership Meeting of Share PHIL on January 26, 2024.
The ongoing review of the CREATE and TRAIN Laws aims to restore certainty, protect investments and simplify incentives. Changes include restoring the powers of Investment Promotions Agencies such as the BOI and PEZA, simplification of VAT rules and clarifying sunset provisions. For agriculture, he highlighted the need to boost production and improve logistical chains for food security. He also stressed the need to lower healthcare costs through the pharmaceutical sector and the importance of the steel industry for growth.Though some of the recent reforms are still in their nascent stage, these are good signals to the global investing community that the country is serious in its efforts to create a conducive investment climate for economic prosperity.
A recent US Investment Mission last March headed by Secretary of Commerce Gina Raimondo, announced investment commitments of over US $1 billion in high impact industries prioritized by the government such as renewable energy, electric vehicles, digitization and communication. Metro Pacific Tollways Corp. is willing to spend as much as P2.5 billion to acquire the remaining interest of the government...