Recto successfully pitches PH as an attractive investment hub, gathers strong interest from American investors during PH Dialogue

Finance Secretary Ralph G. Recto has successfully pitched the Philippines as an attractive investment hub, gathering strong interest from American investors during the Philippine Dialogue held on April 17, 2024 at The Ritz-Carlton in Washington, D.C.

“While global prospects remain clouded with uncertainties brought by geopolitical tensions, there is one area of consensus among economists: the Philippines is set to lead growth over the next decades,” he said in his keynote speech.

In his presentation, the Finance Chief made a strong case before American investors on the compelling reasons why they should continue expanding their operations in the country.

Among these is the Philippines’ promising growth trajectory with the country holding the status of being the fastest-growing economy in ASEAN and soon to be one of the largest economies in the world.

Despite external headwinds, the Philippines expanded by an average of 6.6% during President Ferdinand R. Marcos, Jr.’s term.

Multilateral organizations affirm the strength of the Philippine economy projecting it to remain a frontrunner in the region with a projected growth of 5.8% to 6.3% in 2024.

Furthermore, international research organizations forecast that the Philippines will join the ranks of the world’s top 20 largest economies by mid-century.

Specifically, Goldman Sachs projects the Philippines to be the 14th largest economy globally by 2075, outpacing France.

The Finance Secretary attributes the country’s promising growth trajectory to strong domestic consumption which is a robust shield against external factors contributing to the global economic slowdown.

“This strong consumer spending, which continues to account for more than 70 percent of the economy, is being supported by a vibrant labor market,” he said.

The largest portion of the Philippine workforce is engaged in formal and stable work, with 62.5% of the total employed individuals in 2023 belonging to the wage and salary group–an indication of a strong and growing middle class.

Secretary Recto also highlighted the country’s strong domestic market which offers a huge capacity for enterprises to thrive.

By 2025, the Philippines is expected to become an upper