PH to remain attractive to US investors – Dominguez

The Department of Finance (DOF) is reassuring American businessmen the government will continue to make the Philippines an attractive place for investments.

In a statement, Finance Secretary Carlos G. Dominguez III said the new administration wants to have more competition and innovation in the area of business in country while maintaining a level playing field for all.

Dominguez also said the Duterte administration is pursuing a policy of “economic diversification” to open more markets for Philippine products overseas, encourage more investments, and create better-paying jobs for Filipinos.

“[The government] will make certain that the business environment is such that it encourages people to stay on. We encourage competition and we encourage obedience to the law,” Dominguez said during a recent meeting with the American Chamber of Commerce (AmCham).

For its part, the American business group told the finance chief that its members are supportive of the Duterte administration’s 10-point socioeconomic agenda.

Ebb Hinchliffe, AmCham executive director, also said they want President Rodrigo R. Duterte to succeed in his drive against crime, drugs and corruption to make the Philippines even “better, safer destination for investments from all countries.”

“We assured the administration that AmCham was 100 percent supportive of the 10-point social-economic agenda and we are crafting plans that will support their implementation,” Hinchliffe said.

“We will do this through our committees and our Arangkada advocacy,” he added.

Last week, Hinchliffe held a dialogue with Dominguez, describing it a “very positive and productive” meeting.

AmCham requested the audience of Dominguez following Duterte’s anti-US rhetoric.

AmCham had brought to the dialogue with a multisectoral group that included members with businesses in agriculture, manufacturing, energy, financial services, business processing outsourcing (BPO), mining and tobacco.

Hinchcliffe disclosed that Dominguez had clarified during the dialogue that what the new government has been pursuing is “economic diversification, which, Hinchcliffe said, “implies the Philippines will be working to open more markets overseas and create higher paying jobs.”

Those who had attended the dialogue found the secretary to be “honest, frank and sincere not only to maintain the current positive relationship between AmCham companies in the Philippines but to improve the business environment for continued growth,” Hinchcliffe said.

Hinchliffe said AmCham will “continue to arrange high level meetings with senior government officials.”

For one, AmCham is due to meet with trade and industry secretary Ramon Lopez after Duterte’s trip to Malaysia, he added.

Source: https://goo.gl/XsPPdH