US businessmen invited to invest in Philippines
The Philippine finance secretary has extended an invitation to American entrepreneurs to further invest in the country, according to the Department of Finance (DOF). Philippine finance secretary Carlos G. Dominguez has urged businesses in the US to be more engaged in “Asia’s next economic powerhouse,” referring to the Philippines’ rapid economic growth as a result of tough government reforms as well as its huge investments in infrastructure and human capital development. Dominguez was quoted by the DOF as saying, “We would like to encourage US businesses to be more engaged in the Philippine market — not only in the infrastructure program, but also in investments that would come as a result of our infrastructure development.” Dominguez encouraged businessmen to invest in the country’s information and communications technology, energy, education, infrastructure, and health industries. He added that investors’ potential worries — such as corruption, government inefficiency, gaps in infrastructure development, and the expensive cost of doing business – are being addressed by the current administration.