PH economic managers conduct first investment roadshow in Singapore

The Duterte administration’s economic managers and some of the country’s top business leaders organized the first investment roadshow overseas in Singapore to attract foreign investors.

During the whole-day roadshow yesterday, the Investors Relations Office (IRO) said that the Philippine government showcased the investment opportunities in the country to a host of business groups.

IRO particularly noted that they told Singaporean investors that the Philippines has the capacity to expand its Gross Domestic Product (GDP) by 7.0 percent to 8.0 percent in the mediumterm.

“On the back of sound macroeconomic fundamentals and a robust growth trajectory, the Philippine economy is dubbed as the next economic powerhouse of Asia with GDP growth targeted to increase by 7 percent to 8 percent in the medium-term,” IRO said in a statement.

“Given this rate of economic expansion, the Philippine economy is poised to achieve upper-middle income status by 2022 with per-capita Gross National Income (GNI) of at least $5,000 from $3,550 in 2015,” the office added.

A major source of optimism for both the public and private sector is the Duterte administration’s ambitious infrastructure projects or the so-called “Build-Build-Build” program, the IRO said.

“Upgrading infrastructure is seen to boost economic productivity and enhance connectivity that will cut down the cost of doing business,” IRO said.

“Hence, the government’s emphasis on public infrastructure will undoubtedly create economic opportunities, attract investments, and generate prosperity for all Filipinos,” it added.

Aside from infrastructure, the Philippine delegation also informed the Singaporeans that the government has also raised its budget deficit ceiling to accommodate higher public investments in infrastructure and human resource development.

“With additional resources at our disposal, we will embark on the most ambitious infrastructure development program in recent Philippine history,” the IRO said.

According to the IRO, the government will spend about $170 billion or R8 trillion to R9 trillion for public infrastructure, rising gradually from 5.4 percent of GDP this year to 7.3 percent by 2022

“The ‘Build-Build-Build’ campaign will usher in the Golden Age of Infrastructure in the Philippines, reflected in safe, reliable, convenient and modern infrastructure facilities all over the country,” Budget Secretary Benjamin Diokno said.

Beyond funding, Dio-

kno also allayed the fears of investors that the huge funding for government programs and projects will not translate into concrete output.

“Underspending seems to be a thing of the past. Our first half disbursements are practically on the dot vis-à-vis the programmed budget. Last year, underspending has also been narrowed to 3.6 percent from a high of 13.3 and 12.8 percent in 2014 and 2015, respectively,” Diokno said.

“This goes to show that the reforms we’ve implemented are gaining traction,” he added.

“In effect, the medium-term fiscal policy and national government spending continue to support an enabling economic environment for investment inflows and robust growth. This only affirms a rosy outlook for the Philippine economy in the years to come,” the official concluded.(CSL)