Priorities outlined to attract investments
Special Assistant to the President for Investment and Economic Affairs Secretary Frederick Go said he looks forward to carry out the priorities of his office to attract more investments into the country.
During the Malacanang Insider program aired on Friday, Go highlighted the importance of passing the Create Morte Bill into law, a significant piece of legislation aimed at addressing issues arising from the implementation of the Create Bill.
“So, passing the Create More Bill which aims to resolve all these issues raised is so critical to us signaling to the world that we are listening and that we are responding to the issues and difficulties that they have raised and brought to our attention,” Go said, adding the Senate could soon pass the Create More Bill.
Another priority is the Luzon Economic Corridor Project, a collaboration with the country’s G7 Global Infrastructure partners, according to Go.
Under it, a flagship project identified as the Subic-Clark-Manila-Batangas Cargo Rail, will be implemented, Go said.
Go underscored its importance in reducing the cost of doing business within the corridor, which includes four ports responsible for about 80 percent of the traffic volume in the Philippines.
“And you can just imagine the number of industries that would benefit from this, that can be put in place around this corridor. We’re talking about renewable energy, data centers, food production, digital connectivity and the like,” he said.
“So, the Luzon Economic Corridor is the only project of its kind for the G7 here in Asia so we’re really hoping that this gains a lot of traction and that other countries ? in fact, one other country has already written us signifying interest to be part of the Luzon Economic Corridor.”
Go also pointed to improving macroeconomic indicators, highlighting better overall performance for the country.
With the Philippine gross domestic product (GDP) growth for the second quarter at 6.3 percent, Go remarked that this year is shaping up to be either the best or among the best in the Southeast Asian region.
“We’re doing very well as far as economic growth is concerned, our unemployment numbers are down to 3.1 percent, which is one of the best numbers in the last two decades. Our poverty rate is likewise dropping,” he added.
Additionally, Go emphasized good news from Japan’s rating agency, R&I, which recently upgraded the Philippines from BBB+ to A-. Two Japanese rating agencies have now upgraded the country to A-.
“So, if you’re asking me what I’m looking forward to, I’m looking forward to better economic growth numbers, better inflation numbers and more upgrades I hope, you know, within this administration,” he said.
“If we are able to bring the Philippines from, what they call a B-level credit rating to an A-level credit rating, wow, that would be super for this country.”
The mandate of the Office of the Special Assistant to the President for Investment and Economic Affairs is to attract foreign direct investments (FDIs) into the Philippines. Presidential News Desk
