Diokno showcases PH investment ecosystem to Indonesian biz community

Finance Secretary Benjamin E. Diokno showcased the Philippines’ competitive investment ecosystem to the Indonesian business community during the Philippine Investment and Financial Briefing on August 23, 2023 at the Philippine Embassy in Jakarta, Indonesia.

The event kicked off the Secretary’s activities in Jakarta as he will be representing the Philippines in the 10th ASEAN Finance Ministers and Central Bank Governors’ Meeting from August 24 to 25.

“To help foster the development of high quality, modern, and sustainable infrastructure in the country, we wasted no time in building a fertile business and investment ecosystem for private players,” Secretary Diokno said in his keynote message.

Secretary Diokno said that the administration of Ferdinand R. Marcos, Jr. is intent on pursuing high-impact investments in public infrastructure, digitalization, and human capital development for inclusive and sustainable economic growth.

To make the country’s policy environment conducive to impactful public-private partnerships (PPPs), the government revised implementing rules and regulations (IRR) of the Build-Operate-Transfer (BOT) Law to strengthen the financial viability and bankability of PPP projects; improved the Investment Coordination Committee (ICC) Guidelines on PPP approvals to ensure faster processing and approval of PPPs; and enhanced the National Economic and Development Authority (NEDA) Joint Venture (JV) Guidelines to align with the revised IRR of the BOT Law and the proposed PPP Act.

The PPP Act, which is currently pending in the Senate, consolidates all legal frameworks on PPP and creates a unified system for investors to refer to when engaging in PPP projects.

Apart from the amendments to the Retail Trade Liberalization Act, Foreign Investments Act, and Public Service Act, as well as the opening of the renewable energy (RE) sector to full foreign ownership, the government has rationalized and redesigned the country’s corporate income tax structure and incentives system.

The Corporate Recovery and Tax Incentives for Enterprises (CREATE) Law offers qualified business activities and projects a menu of generous and flexible fiscal and non-fiscal incentives, while