Economic managers introduce PH to UAE investors in first Middle East economic briefing

Finance Secretary Benjamin E. Diokno introduced the Philippines’ as one of the fastest-growing emerging markets and investment hubs in Southeast Asia during the first Philippine Economic Briefing (PEB) in the Middle East on September 12, 2023 at the Ritz-Carlton, Dubai International Financial Centre in Dubai, United Arab Emirates (UAE).

“With the Philippines’ favorable demographic profile, open investment regime, thrust for public-private partnerships [PPPs], and diverse investment and financing modes, we present a wellspring of investment opportunities for the Middle East business community,” Secretary Diokno said in his keynote message.

The Finance Secretary recognized the UAE as an important economic partner of the Philippines considering it is the 6th largest source of remittances from overseas Filipino workers (OFWs), 17th major trading partner, 21st largest export market, and 16th largest import supplier.

Apart from oil, Dubai’s largest sectors are trade and tourism, among others. As such, the country serves as a strategic gateway to trade in the Middle East. Its technological and infrastructure expertise are some of the areas where the Philippines can benefit from.

In light of this, Secretary Diokno invited Middle Eastern investors to explore investment opportunities in physical connectivity, health, and water resources, among other projects in the 197 infrastructure flagship projects (IFP) approved by the National Economic and Development Authority (NEDA) Board.

He also informed investors on the latest enhancements to the Philippines’ investment policies, such as a more stable and predictable environment for PPPs.

“The Marcos, Jr. administration has made it a policy thrust to wield the power of public-private partnerships to help boost the development of much-needed infrastructure in our priority sectors,” Secretary Diokno said.

Reforms to the PPP policy framework allow for the speedy approval of projects, uphold high standards of transparency and accountability, enhance the bankability of PPP projects for private partners, and ensure optimal risk allocation between the government and the private sector.

Apart from PPPs, the Philippines also boasts of a