[In photo: DTI Secretary Fred Pascual (center) and to his left are Senior Research Director Mario Masaya from US-ASEAN Business Council, Vice President for Government Affairs for SAP Dr. Lovneesh Chanana, and DTI Assistant Secretary Allan Gepty; and to his right are Dionisis Kolokotsas, Leading Public Policy for WhatsApp (Meta) in Asia-Pacific, and Head of Government Engagement, Regional Southeast Asia of Visa Alisha Sulisto]
At the sidelines of the 55th ASEAN Economic Ministers (AEM) Meeting on 21 August 2023, Department of Trade and Industry Secretary Alfredo Pascual met with delegates from the US-ASEAN Business Council (US-ABC) and welcomed the US companies’ interest in actively contributing to ASEAN’s digital economy and goals of sustainability and inclusivity.
During the bilateral meeting, Secretary Pascual outlined the plans and regulatory reforms undertaken by the Philippines in support of pursuing digitalization and sustainable and inclusive growth.
He cited Philippines’ interest to embrace strong rules and disciplines on Digital Economy given the country’s strategic positioning to become a major hub for hyperscale data centers and IT-BPM.
He also explained the intended Digital Economy Framework Agreement (DEFA) in ASEAN will reinforce the Philippines’ comparative advantage in the services sector, particularly for IT-BPM and financial services.
Secretary Pascual also encouraged US-ABC members to consider the Philippines’ pioneering agriculture program, Kapatid Angat Lahat for Agriculture Program (KALAP). The program is meant to establish a mentorship program between small farmers and large companies to facilitate the farmers’ participation in the global value chain.
Further, he emphasized the liberalization of foreign ownership of key sectors in the country such as telecommunications, renewable energy, and transportation, among others.
