Dominguez woos Japanese investors: 'PH is more than ready for new and better normal'

Dominguez woos Japanese investors: ‘PH is more than ready for new and better normal’

Finance Secretary Carlos Dominguez III urged Japanese firms to take part in the Philippines’ shift to post-pandemic recovery amid “brightening economic prospects” supported by a strong financial position and the Duterte administration’s game-changing initiatives.

“The Philippines is more than ready for a new and better normal,” Dominguez said as he called for investments in infrastructure development, manufacturing, digital technology, renewable energy and research and development activities.

“We have gone through a difficult episode and proved that our institutions are strong enough to keep our people safe and prosperous. We have laid down firm foundations to ensure a stable recovery towards a more inclusive economy. We have what it takes to do this,” Dominguez said during the virtual Philippine Economic Briefing (PEB) Wednesday attended by key government officials and business leaders from Japan.

He said these “game changers” in the country’s business landscape include the fast-tracked digitalization program across the Philippine bureaucracy; the timely passage of the corporate income tax (CIT) reform law; the establishment of a national ID system; measures to further improve the ease of doing business; the sustained modernization of the country’s infrastructure, and the government’s plan to mitigate the impact of climate change.

With Covid-19 infections steadily declining amid a ramped-up vaccination program, Dominguez reiterated the economic team’s earlier assessment that a full reopening of the economy could happen by 2022.

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