PH economic team brings roadshow to NYC on Oct. 11

Government officials in-charge of sustaining economic growth will go to the US next week in a bid to convince more foreign investors into the country.

The New York leg of the ongoing Philippine Economic Briefing series for 2017, with the theme “The Rising Philippine Economy: Powering Gains with Global Partners through Shared Goals” will kick off on October 11 in New York City.

The speakers who will talk and expound on the Philippines as ideal location for investments are Finance Secretary Carlos G. Dominguez III, Budget Secretary Benjamin E. Diokno, Socioeconomic Planning Secretary Ernesto M. Pernia and Bangko Sentral ng Pilipinas (BSP) Deputy Governor Diwa C. Guinigundo.

The US briefings will cover the economic performance of the Philippines, and the policy thrusts and reform agenda progress on the tax reform and infrastructure programs.

Last month, the economic team went to a two-part roadshows in Japan (September 26) and China (September 29). The officials highlighted the country’s position as “Asia’s next economic powerhouse.”

Aside from the heads of the economic departments and the central bank, other officials from different agencies joined in the briefings including Transportation Secretary Arthur Tugade, Public Works and Highways Secretary Mark Villar, and Bases Conversion and Development Authority President and CEO Vivencio Dizon. They presented the country’s infrastructure and transportation investment programs.

BSP Governor Nestor A. Espenilla Jr. who was with the team for the Asia leg, said the Philippines, with its stable financial and price environment, is ripe for a rapid and sustainable economic growth, complemented by a sound monetary policy and effective banking sector supervision.

Dominguez, during the Japan and China briefings, said that investors who will take on the opportunities in the Philippines could look forward to a “profitable times ahead” as the development programs are intended to propel the country to becoming an upper-middle income nation by 2022.

The New York part of the roadshows include members of the US-ASEAN Business Council. It is hosted by Morgan Stanley, Citi, Deutsche Bank and Standard Chartered Bank.

The domestic economy grew by an average of 6.4 percent in the first half of the year, versus target of 6.5 percent to 7.5 percent for the whole of 2017.

Next year, the government expects GDP growth of seven percent to eight percent from 2018 to 2022.

The economic team is confident that these growth targets are attainable, supported by “rising government spending on infrastructure and other growth sectors, growing private-sector investments, robust consumption, and the country’s young and educated workforce,” according to the BSP-run Investors Relations Office of the government.

“Potential investors in infrastructure and transportation sectors are highly welcome, given the Philippines’ bold ‘Build Build Build’ program, under which $160 billion to $170 billion worth of airports, seaports, railways, expressways, subway, and other big-ticket infrastructure projects are targeted to be rolled out over the next five years,” it said.