The National Economic and Development Authority (NEDA) expressed confidence in the Philippines’ momentum for economic recovery, stating that the country is expected to grow faster than many of its peers in the region.
NEDA Secretary Arsenio M. Balisacan highlighted this during a bilateral meeting and business forum on June 5, 2023 with Israeli Foreign Minister Eli Cohen, Israel Ambassador Ilan Fluss, and members of the Israeli business community.
“The economy remains resilient, bouncing back quickly and growing robustly in 2022 with a record 7.6 percent annual growth rate and sustaining the return to the high-growth path in the first quarter of this year with a growth rate of 6.4 percent. I note that the momentum remains strong. Various multilateral institutions project that the country will be among emerging Asia’s brightest economies this year, despite the external headwinds of the global economic slowdown. We expect to grow faster than many of our peers in the region,” Balisacan said.
To sustain the Philippine economy’s growth momentum, the NEDA Secretary emphasized that the Philippine Development Plan (PDP) 2023-2028 contains the strategies, critical priorities, and programs aimed at leading the nation towards deep economic and social transformation in the medium term.
The PDP 2023-2028 also includes strategies for improving the overall business climate of the country, such as reforming the country’s investment policies. The proper implementation of these reforms will ensure that the regulatory constraints that hinder the location and expansion of foreign business operations in the Philippines are relaxed. Furthermore, the reforms will also address investor concerns, particularly by ensuring that public policies and regulations are more transparent and efficient.
Asking the Israeli representatives to consider investing in the country’s growth drivers in the fields of energy, water, logistics, transportation, agribusiness, manufacturing, tourism, health, education, and digital connectivity, Balisacan mentioned, “I note that the Philippine economy has never been more open and ready for business. The continued investment policy reform momentum, including efforts to improve the ease of doing business through digitalization, shall ensure that the country remains competitive and dynamic.”
Moreover, the NEDA Secretary highlighted the potential market of approximately 110 million consumers found within the country, as well as and its young and skilled workforce that is growing at a faster rate than the overall population. This large market is expanded even further by the Regional Comprehensive Economic Partnership (RCEP), which extends the country’s market access to approximately 680 million more people from the agreement’s trading partners.
Israeli Foreign Minister Cohen welcomed these opportunities and stated that Israel is ready to assist the Philippines in critical areas in order to achieve economic growth.
“Today’s engagement only signifies the strengthening relations between the Philippines and Israel. There is a lot of potential in your beautiful country, and I hope that my visit here enacts a bridge connecting our business community to your country in the hopes of increasing investments, trade volume, innovation, and, more importantly, prosperity for both nations,” Cohen said.
The Israel-Philippines Business Forum convened representatives from the Filipino and Israeli business communities with the aim of fostering discussions on investment opportunities in the Philippines, particularly in the sectors of agritech, water, and cybersecurity.
