The Philippines' demographics and strong macroeconomic fundamentals have made the country a prospect in leading the ASEAN-5 in terms of economic growth. The steady flow of remittances from Overseas Filipino Workers, the ambitious Build Build Build Program, and the resilience of the business process and knowledge outsourcing industry are anticipated to keep this momentum going in the upcoming years.This year, the Philippines made a 29-notch jump on World Bank's Ease of Doing Business Report, ranking 95th out of 190 economies. Despite this notable improvement, the country still trails behind its neighbouring countries. Amongst the ASEAN, the Philippines ranks 6th amongst the ASEAN countries in the 2019 Global Competitiveness Report. In the same way, the country ranks 7th out of the 10 member states on the 2020 Ease of Doing Business Report.
Although the Philippines is deemed as one of the fastest-growing countries in the region, fast-tracking economic reforms is crucial in advancing the country's growth and competitiveness. Such measures will aid in promoting the attractiveness of the country as an investment destination, and creating a level playing field for European and local companies alike.
Join us in this luncheon meeting as Cabinet Secretary Karlo Nograles discusses the precursors to modern economic activity through the following legislative priorities:
a. Water Sector Reform Act / Creation of the Department of Water;
b. Amendments to the Public Services Act (PSA);
c. Foreign Investments Act (FIA);
d. Corporate Income Tax and Incentive Rationalization Act (CITIRA);
e. Retail Trade Liberalization;
f. The Philippine Contractors Accreditation Board (PCAB) Licensing (Senate Bill No.1008); and
g. Other potential collaboration between the private sector and the Office of the Cabinet Secretary.