UAE INVESTMENT. Department of Trade and Industry (DTI) Secretary Ramon Lopez woos investors from the United Arab Emirates to consider the Philippines as a premium investment destination during the Country Business Briefing at the Expo 2020 Dubai in UAE on Feb. 11, 2022. The Philippine government has been pushing for key economic legislations that will relax foreign equity restrictions in the country. (Photo courtesy of DTI)
MANILA – Trade Secretary Ramon Lopez has highlighted recent economic reforms of the Duterte administration to investors in the United Arab Emirates (UAE) as the country works to attract more foreign investments.
In a statement Monday, the Department of Trade and Industry (DTI) said it promoted the Philippines as a “premium investment destination” during the Country Business Briefing at the Expo 2020 Dubai last February 11.
In his meeting with business executives in Dubai, Lopez said the Philippine government has been pushing for key economic legislations that will relax foreign equity restrictions in the country.
The amendments to the Retail Trade Liberalization Act were already enacted into law, while amendments to Foreign Investments Act and Public Service Act were passed in the Congress and are now waiting for President Rodrigo Duterte’s signature.
“Increased competition in the Philippine market is expected in terms of services and products which will generate better quality of and competitive pricing to the benefit of the consumers,” Lopez told UAE-based investors.
He added corporate income tax was reduced from 30 percent to 25 percent through the Corporate Recovery and Tax Incentives for Enterprises (CREATE) law and it provides competitive tax perks to investors.
The DTI chief urged investors from the Emirates to look into investment opportunities in electronics, hyperscalers, automotive, copper, nickel, aerospace, and agribusiness, among others.
“While the pandemic remains to be very challenging, we are already seeing signs of recovery, with some indicators even already exceeding pre-pandemic 2019 levels,” Lopez said.
He said the Philippines recorded a 7.7-percent gross domestic product (GDP) growth in the fourth quarter of 2021 and a full-year growth of 5.6 percent, which is one of the highest economic expansions in Asean and East Asia.
During his visit in UAE, Lopez witnessed the signing of three letters of intent (LOIs) and one memorandum of understanding (MOU) from Middle East investors.
These LOIs and MOU are seen to draw USD580 million worth of investments to the Philippines in sectors of medical equipment retail, dairy production, theme park development, and renewable energy projects. (PNA)
