Lopez to US biz: Economic policy in PH to remain stable


Department of Trade and Industry (DTI) Secretary Ramon Lopez has assured American businesses that the economic policy in the Philippines will remain stable despite the change in administration by June 30.

In a statement Tuesday, DTI said Lopez met with American investors during the Philippine Trade and Investment Forum in Washington D.C. last week, where he presented business opportunities in the Philippines for United States-based enterprises.

Lopez said the Duterte administration passed key legislations that would cement a stable business environment, especially for foreign investors eyeing to set up their operations here.

These include amendments to the Retail Trade Liberalization Act (RTLA), the Foreign Investments Act (FIA), the Public Service Act (PSA), as well as ease of doing business (EODB) law, and the Corporate Recovery and Tax Incentives for Enterprises (CREATE) law.

“Despite the upcoming national elections signifying a change in administration, the department assures its continued end-to-end assistance to possible investors as you reap the benefits of the strong economic fundamentals laid down by the Duterte administration,” Lopez said.

He added the Philippines remains active in enhancing its strategic economic partnership with different countries, as well as in the region through free trade agreements.

The country still also enjoys preferential access to major markets, such as the US and the European Union (EU).

“As this administration draws to a close, we shall be leaving behind a stronger Philippine economy despite the pandemic. We have a legacy of sound policy directions, reforms, roadmaps, and programs that will help steer the country’s trade and industry sector toward sustainable and accelerated growth,” Lopez said

Source: Philippines News Agency