Department of Finance (DOF) Secretary Ralph Recto, the Special Envoy of President Ferdinand R. Marcos Jr. to the World Economic Forum (WEF), urged global investors to consider the Philippines as the next hub for their business operations.
This, following the recent passing into law of the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act.
Speaking at a Philippine Breakfast Interaction with Investors at WEF on Jan. 22, Recto highlighted CREATE MORE’s tailored fiscal and non-fiscal incentives designed to boost business growth and job creation in the Philippines.
“Here’s our promise: The moment you step in [the Philippines], we will let you experience a home that nurtures your long-term growth and success,” the finance chief said.
The event was attended by nearly 50 global business and government leaders. It was organized by the DOF and the Philippine Mission to the World Trade Organization (WTO) to attract investment in high-impact industries.
Recto also emphasized the Philippines’ growing digital economy, citing its position as the fastest-growing in Southeast Asia, according to a recent e-Conomy SEA report.
He attributed it to government efforts to expand digital infrastructure, such as the National Broadband Program and the Common Tower Program, while highlighting regulatory measures like the Internet Transactions Act to improve oversight.
The Philippine delegation, including House Speaker Ferdinand Martin Romualdez and Department of Trade and Industry (DTI) Secretary Ma. Cristina Roque, also promoted the country’s young workforce and artificial intelligence (AI) advancements.
Recto added that the Philippines’ working-age population is projected to grow by 15 percent from 2025 to 2035, the fastest rate in the region, making it an ideal partner for future industries.
The breakfast session was followed by private meetings between Philippine officials and global business leaders, exploring investment and expansion opportunities in sectors like technology and manufacturing.
The WEF Annual Meeting brings together leaders from across the globe to discuss economic and societal issues, with the Philippines aiming to position itself as a key investment hub for the future. (PNA)
