‘Partner Philippines: Building Value Together’
AmCham kicks-off its first GMLM last Wednesday, January 17, 2018 held at Raffles & Fairmont Hotel. The first speaker of the year is Secretary Ramon Lopez of Department of Trade and Industry, discussed the trading value of the country.
The following are the salient points of the presentation:
1) Secretary Lopez discussed the hallmark of Dutertenomics such as a) Better Quality of Life for all, and b) Growth with Equity. The administration endeavoured to lower the poverty from 21.6% in 2015 to 14% by 2022. Further, to increase the Gross Domestic Product (GDP) growth of 7 to 8% annually.
2) The Philippines: The Bright Spot in Asia– The country’s GDP rose from 6.1 in 2015 to 6.9 in the third quarter of 2017 having manufacturing as the highest contributor of increase for the year of 2017. Moreover, the Secretary discussed the top 5 foreign investors from Jan-Sept 2017, U.S.A. being the 5 th at 5.5 billion PhP Foreign Direct Investment (FDI).
3) Stronger workforce– Filipinos are younger compared to the rest of the world and we have capital advantage such as a) Creativity; b) English speaking; c) Honest and Integrity; and d) Rich Talent Pool
4) DTI’s Milestones for 2017–
a. Increase of FDI net at US$7.8B from Jan to October time frame
b. Exports surged at 11%
c. 2017 Presidential visit with worth of US$15B potential investments
d. Worth of PhP854.27B of BOI-PEZA approved investments
e. Enabling stronger businesses
f. Consumer protection
g. Trade Policy – Possible Philippines-USA free trade agreement (FTA)
h. Stronger policies for Micro, Small, and Medium Enterprises (MSME)
5) Philippines-USA Trade Relations– The Secretary raised the followings concerns of U.S. businessmen in the country: a) US-PH FTA Incentives; b) Ease of Doing Business; c) Law Reforms; and d) Importance of MSME’s.