PH seeks deeper economic ties with Hong Kong

The economic team of President Ferdinand R. Marcos Jr. has cited the country’s opportunities for trade and investments during an economic briefing in Hong Kong.

In a statement, the Department of Finance (DOF) said the Philippine Economic Briefing held on Monday brought together business leaders, investors, financial institutions and entrepreneurs to explore opportunities in the Philippines and strengthen economic ties with the country.

“Hong Kong is a global financial center and a gateway to Asia. The Philippines is a fast-growing economy with talent, scale, resources, and a strategic location in the region. Our strengths complement each other,” Finance Secretary Frederick Go said during his keynote speech.

During the briefing, the economic team highlighted the reforms which aim to make doing business easier.

These include the Corporate Recovery and Tax Incentives for Enterprises Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act, the new Public-Private Partnership (PPP) Code, longer investment lease terms, Green Lanes for Strategic Investments, right-of-way reforms, Capital Markets Efficiency Promotion Act (CMEPA), the Enhanced Mining Fiscal Regime Act, and efforts to reduce business costs and streamline transactions.

The economic team also cited the country’s strong economic fundamentals, sustained growth in remittances, business process outsourcing and exports despite the ongoing geopolitical instability.

The DOF said the government is aiming to attract more investment to sectors that will generate quality jobs, strengthen domestic production, including semiconductors and electronics, mineral processing, pharmaceuticals and medical devices, food and agriculture, steel, renewable energy, infrastructure and tourism.

-PNA / Anna Leah Gonzales