PH trying to woo Spanish investors
The Philippines is urging Spanish investors to do business in the country following its strong macroeconomic fundamentals and economic recovery from the COVID-19 pandemic.
According to Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno, Spain is an important ally of the Philippines, contributing to the country’s trade growth and supporting initiatives such as the Build Build Build program.
After economic contractions caused by the COVID-19, the country booked a faster-than-anticipated Gross Domestic Product (GDP) growth of 8.3% in Q1 2022. Foreign direct investments (FDIs) also grew by eight per cent to $1.7 billion in the first two months of the year
“We plan to ride this strong growth momentum in the incoming administration, both by leveraging country-specific strengths and deepening our regional linkages, especially within ASEAN,” Diokno said.
He also pointed out that the economic reforms — such as the Corporate Recovery and Tax Incentives for Enterprise (CREATE) Act, the amended Retail Trade Liberalization Act, the Foreign Investments Act, and the Public Services Act — could help stimulate the economy, generate more jobs, improve basic services to Filipino consumers, and allow for the exchange of skills and technology with the country’s foreign partners.
The BSP chief also cited that S&P Global Ratings, Moody’s Investors Service, and Fitch Ratings have affirmed the country’s investment-grade rating.
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