Recto Assures PH "Red Carpet Welcome" For U.S. Investors

Finance Secretary Ralph Recto assured United States officials that the Philippines, led by President Ferdinand R. Marcos Jr., is committed to rolling out a welcoming "red carpet" for potential investors.

Recto assured the US that their partnership with the Philippines would be a two-way street, emphasizing the importance of consistent dialogue. I Photo: Department of Finance Facebook

Recto conveyed this commitment during a meeting with US officials, including Treasury Department Deputy Assistant Secretary for Asia Robert Kaproth, Treasury Financial Attaché to Southeast Asia Daniel Hall, and representatives from the US Embassy to the Philippines.

In the discussion, Recto emphasized that the Philippine government is dedicated to addressing investor concerns promptly.

He outlined the country’s economic liberalization laws, including amendments to the Retail Trade Liberalization Act, Foreign Investments Act, and Public Service Act, aimed at facilitating ease of doing business.

Recto also highlighted recent improvements in the public-private partnership (PPP) framework through the enactment of the PPP Code, opening up investment opportunities in the infrastructure sector.

The Finance Secretary discussed the priority sectors for infrastructure investments, such as renewable energy, water, airports, seaports, roads, tollways, and railways.

Additionally, he mentioned ongoing studies on amendments to the Corporate Recovery and Tax Incentives for Enterprises Act to better align the law with the interests of investors in strategic investments.

Recto assured the US that their partnership with the Philippines would be a two-way street, emphasizing the importance of consistent dialogue.

The potential for a free trade agreement and enhanced security and military ties between the two nations were also part of the discussion.

US officials expressed optimism about deepening partnerships with the Philippines, citing the country's attractive qualities as a viable investment destination. The US government plans to send a high-level delegation to the Philippines in March to further strengthen bilateral ties.

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