Diokno unveils lucrative PH investment opportunities, renews ties with Luxembourg business community
LUXEMBOURG – Finance Secretary Benjamin E. Diokno has promoted emerging investment opportunities in the Philippines to leaders of Luxembourg-based funds and business groups in a Business Forum and Networking Lunch hosted by the Luxembourg Stock Exchange (LuxSE) on October 24, 2023.
“From clean energy to cutting-edge technology, the Philippines is primed and ready to seize emerging opportunities with our partners from around the world,” Secretary Diokno said before top representatives from the LuxSE, Luxembourg Ministry of Finance, Luxembourg for Finance (LFF), Luxembourg Chamber of Commerce, and the Association of the Luxembourg Fund Industry (Association Luxembourgeoise des Fonds d’Investissement or ALFI).
During the Forum, Diokno showcased the Philippines’ impressive economic performance when it posted its strongest full-year growth in over four decades at 7.6 percent in 2022, surpassing the country’s pre-pandemic output level.
The robust performance was recognized by international financial institutions–––the ASEAN+3 Macroeconomic Research Office (AMRO) expects the Philippines to post the fastest growth in Southeast Asia both at 5.9 percent in 2023 and 6.5 percent in 2024.
The World Bank Group also sees the Philippines outpacing its East Asia and the Pacific peers at 5.6 percent in 2023.
“Meanwhile, major international credit rating agencies have continued to affirm the Philippines’ creditworthiness and sound macroeconomic fundamentals,” Secretary Diokno said.
The Philippines has maintained its investor-grade credit ratings from S&P, Moody’s, and Fitch throughout the pandemic. These continue to improve as Japan-based debt watcher R&I recently revised its outlook for the Philippines from stable to positive, while Fitch Ratings upgraded its outlook from negative to stable.
The Finance Secretary also shared with investors the Philippines’ 197 priority Infrastructure Flagship Projects (IFPs) available for partnership, which have a total investment requirement of about US$ 155 billion.
Furthermore, he informed investors of the improved ease of doing business in the country through the establishment of green lanes and reforms to the country’s public-private partnership