Trade Secretary Alfredo Pascual recently met with 13 French companies in an effort to showcase the Philippines as an attractive investment destination for European businesses.
The Department of Trade and Industry (DTI) announced that Pascual engaged in a roundtable meeting with representatives from the nonprofit organization MEDEF International during a four-day business mission in France, which concluded on June 21.
The meeting, held in Paris, included companies from various sectors such as finance, infrastructure, manufacturing, services, and transportation.
The DTI reported that these companies expressed a positive outlook on the investment opportunities available in the Philippines as presented by the delegation.
Pascual highlighted recent policy reforms that benefit foreign investors, such as the Corporate Recovery and Tax Incentives for Enterprises Law, which grants the government the flexibility to provide fiscal and non-fiscal incentives for strategic investments.
He also emphasized the amended Public Service Act, which now allows 100 percent foreign ownership in sectors like telecommunications, shipping, air carriers, railways, subways, airports, and toll roads.
In addition, Pascual mentioned the amended Foreign Investments Act (FIA) which reduced capital requirements and workforce size, and the amended Retail Trade Liberalization Act which lowered the minimum paid-up capital needed for investments in the retail sector.
“There are other compelling reasons to consider investing in the Philippines. Our country is experiencing steady economic recovery and expansion,” said Pascual during the meeting, noting the 7.6 percent growth rate last year, the highest since 1976.
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Omprakash Tiwary is a business writer who delves into the intricacies of the corporate world. With a focus on finance and economic landscape. He offers readers valuable insights into market trends, entrepreneurship, and economic developments.
Denial of responsibility! Samachar Central is an automatic aggregator of Global media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, and all materials to their authors. For any complaint, please reach us at – [email protected]. We will take necessary action within 24 hours.