Philippine Trade Secretary Ramon Lopez has assured the Chinese and Other Foreign Investors of complete support and security should they decide to invest in the Philippines, the Philippines’ Department of Trade and Industry (DTI) said on Thursday.
A DTI statement said Lopez made the remarks in a video message during a forum on the sidelines of the 2020 China International Fair for Investment & Trade (CIFIT) and the Belt and Road Investment Congress in Xiamen, southeastern China’s Fujian province, on Tuesday.
“The Philippines has always been a pro-business and pro-market economy. Our investment policies are protected by law. With our strong economic fundamentals, we are gearing to bounce back and recover quickly. With China as our top trading partner, we are also working hard to move toward further strengthening our trade and business relationship,” Lopez said.
Lopez added that laws that encourage foreign investment, ownership, and ease of doing business are being prioritized for immediate approval.
“The government continues to institute new laws to liberalize more sectors and remove prohibitions in our foreign investment negative list. For instance, we are working on lowering the minimum threshold of investment to allow foreign participation,” Lopez added.
The Philippine delegation held the forum to provide an opportunity for prospective investors to learn more about the Philippines’ investment climate, opportunities, and current policies.
By investing in the Philippines, the trade officials said Chinese businesses will have the opportunity to tap into the demands of the Philippine domestic market of around 110 million people.
The Philippines enters CIFIT 2020 as the Guest Country of Honor.