Finance Secretary Carlos Dominguez III is luring American investors to pour in investments in the Philippines, citing the Duterte administration’s slew of economic liberalization measures.
“Now is the best time to do business in the Philippines,” Dominguez said in his remarks at a virtual economic briefing organized by the Philippine Embassy in Washington DC late Thursday.
Dominguez noted that the recent enactment of the amendatory bill to the Retail Trade Liberalization Act , along with the Congress-approved amendments to the Public Service Act and Foreign Investments Act awaiting to be signed into law by President Rodrigo Duterte, complete the set of economic reform initiatives that make the Philippines a premier investment destination in the region.
He urged American investors to establish or expand their retail trade operations in the Philippines, now that the new RTLA has already lowered the minimum paid-up capital requirement for foreign corporations from $2.5 million to about $500,000. Dominguez said that experienced and strategic investors from the United States can bring in their capital to the Philippines to invest in the fields of telecommunications, media and private transportation vehicles once the PSA is enacted.
US-based businessmen can also look forward to the amendments to the FIA as this mandates a review of the Foreign Investment Negative List every two years, and liberalizes the practice of certain professions, so that enterprises that would otherwise be unable to do business in the Philippines without foreign talent would now be able to set up shop in the country, according to the Finance chief.
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